CaixaBank becomes the only European bank selected by the ECB to collaborate in prototyping the digital euro

Sustainability & Regulation
19/09/2022 News

The European Central Bank (ECB) has selected CaixaBank and four other organisations to collaborate in the development a prototype of a digital euro. The institution launched a call with the aim of selecting entities to develop technology projects associated with the creation of the European digital currency. CaixaBank, the only European bank selected for the project and will be responsible for producing a prototype for peer-to-peer (P2P) online payments using the digital euro.

Starting September and until the end of this year, CaixaBank will be developing a mobile application that simulates the steps individuals will need to transfer digital euros to their account and/or transfer digital euros to other individuals.

CaixaBank's extensive experience and leadership in the field of innovation and payment methods, as well as the quality of its services, internal capacity to develop such projects and its market coverage, have been some of the key aspects considered by the ECB during the selection process.

Objective to explore solutions for digital euro payments 

In April this year, the ECB launched a call for payment service providers, banks and other relevant market participants to unite and engage in the creation of prototypes for digital euro payment services aimed at customers. Fifty-four companies responded, spanning from banks to multinational technology companies.

In addition to CaixaBank, the other four companies selected for this stage will produce prototypes for other user interfaces of the digital euro, such as offline P2P payments, POS payments (including specific processes based on whether they are initiated by the business or the customer) and e-commerce payments.

The ECB is currently investigating how a digital euro could look like. If a digital euro should be issued, it would not replace cash or other existing payment methods, but instead complement them by becoming another payment option, thus contributing to advancing financial inclusion and accessibility.

CaixaBank, leader in innovation

Technology and innovation are crucial for CaixaBank. With more than 11 million users of its digital banking service – the largest customer base in the Spanish financial sector – the bank works on a daily basis towards developing new models that are able to meet the requirements and the needs of its customers and that bring its products, services and financial culture closer to all citizens. 

CaixaBank is the leading bank in payment methods with a 32.1% market share in retailer turnover, and more than 3 million clients of mobile payments. Today, CaixaBank has in its digital banking app CaixaBankNow, the option of mobile payments, integrated in a wide service range for payment management. CaixaBankNow has iOS and Android versions and it is also compatible with Apple Pay, Samsung Pay, Garmin Pay and FitBit Pay. CaixaBank is also the first Spanish bank compatible with Swatch Pay, allowing payments with Swatch’s analogical watches.

The financial institution boasts its own technology subsidiary, CaixaBank Tech, and multidisciplinary teams that transfer innovation to all areas across the organisation. As part of its digitisation process, it has launched various projects underpinning blockchain technology, quantum computing, artificial intelligence, big data and cloud computing, among others. These technologies are used to provide CaixaBank’s financial advisers with additional and better resources to advise their customers, drive the customisation of its commercial offering, with the aim of improving customer loyalty, develop new financial services and streamline the decision-making process.  

Thanks to its digital transformation strategy, CaixaBank has become one of the highest rated banks in the world for the quality of its digital products and services, and has received various international acknowledgments, such as the "Most Innovative Financial Institution in Western Europe 2022" by Global Finance and the "Most Innovative Bank in the World 2021" at the EFMA & Accenture Awards. In terms of digital banking, it was named "Best Digital Retail Bank in Spain 2021" and acknowledged as "Best Retail Bank Website Design in Western Europe 2021" and "Best Retail Banking Mobile Application in Western Europe 2021" by Global Finance.    

In the field of private banking, CaixaBank was chosen as the "Most Innovative Private Bank in Western Europe 2022" by Global Finance, whereas the UK magazine PWM (Financial Times Group) named it the "Best Private Banking Entity in Big Data and Artificial Intelligence Analysis in Europe 2022" and "Best Private Bank in Digital Marketing and Communication in Europe 2022".

Related news & insights

02/10/2023 News

Gringo, the fast-growing Brazilian mobility app

Brazilian mobility app Gringo Hits 10 million customers and Aims to double revenue in 2023.

Digital Reinvention
01/10/2023 News

Hana Bank and BitGo partner for digital asset custody in South Korea

KEB Hana Bank, a major financial institution, is set to offer digital asset custody services in late 2024. This initiative...

Sustainability & Regulation
01/10/2023 News

TNP and Accompany Consulting forge strategic partnership to expand client base in Africa, Europe, and the Middle East

The primary goal of this collaboration is to provide comprehensive support to their esteemed clientele across Europe, Africa, and the...

Digital Reinvention
30/09/2023 News

HSBC pilots blockchain-based digital payments platform to revolutionize real estate transactions

This groundbreaking initiative represents a collaborative effort between HSBC and the real estate sector, ushering in a new era of...

Open Finance
27/09/2023 Interview

Atlantic Money: Fixing international money transfers

Neeraj Baid, CEO and Co-Founder of Atlantic Money, tells us more about their mission to provide the most simple and...

25/09/2023 Interview

Mercedes-Benz's integration of ChatGPT: Revolutionizing in-car experience and exploring new avenues

Magnus Östberg, Chief Software Officer at Mercedes-Benz AG, delves into the role of ChatGPT and the exciting possibilities it brings...

22/09/2023 Interview

NewTech Friday: Verra Mobility – Making transportation safer and easier

US company Verra Mobility is a global leader in smart transportation. Its CFO Craig Conti presents the company and tells...

Sustainability & Regulation
20/09/2023 Article

No clarity on US crypto regulation

The US SEC has launched a regulatory clampdown on the crypto industry in response to the FTX collapse, but the...