Large-value funds transfer system and Pass-through wallet: Difference between pages

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(Create page - source - Bank of England - https://www.bankofengland.co.uk/paper/2023/the-digital-pound-consultation-paper)
 
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A funds transfer system through which large-value and high priority funds transfers are made between participants in the system for their own account or on behalf of their customers.
''Information technology - blockchain - Central Bank Digital Currencies (CBDCs).''


Although, as a rule, no minimum value is set for the payments they carry, the average size of payments passed through such systems is usually relatively large.  
In the context of Central Bank Digital Currencies (CBDCs), a pass-through wallet is a proposal for a tool to access CBDC held on the central bank's infrastructure, without holding any CBDC directly itself.
 
 
:<span style="color:#4B0082">'''''UK digital pound consultation'''''</span>
 
:"The Bank [of England] would provide the digital pound and the central infrastructure, including the ‘core ledger’.
 
:Private sector companies – which could be banks or approved non-bank firms – would be able to integrate into the central digital pound infrastructure and provide the interface between the Bank and users.
 
:They would do this by offering digital ‘pass-through’ wallets to end users.
 
 
:The wallets could be integrated into their other services.
 
:They are known as ‘pass-through’ wallets... because the user’s holdings of digital pounds are recorded anonymously on the Bank’s core ledger, in order to safeguard their privacy, and the wallet simply passes instructions from the user to the core ledger.
 
:End-users would interact with these wallets rather than directly with the Bank.
 
 
:Users would interact with digital pounds by using their wallet to see their balance and instruct payments and transfers of digital pounds.
 
:It is likely most people would access the wallet via their smartphone, but there would be alternative options, such as a smart card."
 
:''The digital pound: a new form of money for households and businesses? Consultation Paper - Bank of England - February 2023 - pp 11-12.''


Large-value funds transfer systems are sometimes known as wholesale funds transfer systems.




== See also ==
== See also ==
* [[Funds transfer system]]
* [[Bank]]
* [[Bank of England]]
* [[Blockchain]]
* [[Central Bank Digital Currency]]  (CBDC)
* [[Crypto wallet]]
* [[Cryptoassets]]
* [[Digital pound]]
* [[Electronic wallet]]
* [[Financial services]]
* [[Information technology]]
* [[Infrastructure]]
* [[Ledger]]
* [[Money]]
* [[Pass-through ]]
* [[Payment service provider]]
* [[Private sector]]
 
* [[Wallet]]
* [[Wallet provider]]
 
 
==Other resource==
[https://www.bankofengland.co.uk/paper/2023/the-digital-pound-consultation-paper The digital pound: a new form of money for households and businesses? Consultation Paper - Bank of England - February 2023]
 
[[Category:Accounting,_tax_and_regulation]]
[[Category:The_business_context]]
[[Category:Identify_and_assess_risks]]
[[Category:Manage_risks]]
[[Category:Risk_frameworks]]
[[Category:Risk_reporting]]
[[Category:Cash_management]]
[[Category:Financial_products_and_markets]]
[[Category:Liquidity_management]]
[[Category:Technology]]

Revision as of 23:15, 28 June 2023

Information technology - blockchain - Central Bank Digital Currencies (CBDCs).

In the context of Central Bank Digital Currencies (CBDCs), a pass-through wallet is a proposal for a tool to access CBDC held on the central bank's infrastructure, without holding any CBDC directly itself.


UK digital pound consultation
"The Bank [of England] would provide the digital pound and the central infrastructure, including the ‘core ledger’.
Private sector companies – which could be banks or approved non-bank firms – would be able to integrate into the central digital pound infrastructure and provide the interface between the Bank and users.
They would do this by offering digital ‘pass-through’ wallets to end users.


The wallets could be integrated into their other services.
They are known as ‘pass-through’ wallets... because the user’s holdings of digital pounds are recorded anonymously on the Bank’s core ledger, in order to safeguard their privacy, and the wallet simply passes instructions from the user to the core ledger.
End-users would interact with these wallets rather than directly with the Bank.


Users would interact with digital pounds by using their wallet to see their balance and instruct payments and transfers of digital pounds.
It is likely most people would access the wallet via their smartphone, but there would be alternative options, such as a smart card."
The digital pound: a new form of money for households and businesses? Consultation Paper - Bank of England - February 2023 - pp 11-12.


See also


Other resource

The digital pound: a new form of money for households and businesses? Consultation Paper - Bank of England - February 2023