R3, the financial markets digital solutions provider, has partnered with IDEMIA Secure Transactions (IST), a division of IDEMIA Group and global provider of secure payment and connectivity solutions, to offer offline payment solutions.
This partnership marks a significant step forward in the evolution of Central Bank Digital Currencies (CBDCs), offering enhanced access and usability across both online and offline environments.
R3’s Digital Currency platform is advancing global financial infrastructure by empowering central banks and financial institutions with programmable digital money for wholesale and retail CBDCs, as well as private digital currencies. Built on R3’s Corda—the leading tokenization platform for regulated institutions with 60+ live applications globally—it offers secure, scalable digital money solutions that ensure network sovereignty and interoperability. Users have control over their networks while maintaining the ability to transact seamlessly across others unlocking access to next-generation services.
IST provides secure, market-leading offline capabilities for CBDCs, and other digital currencies. The solution leverages hardware security, robust offline payment protocols and device-integrated security layers to enable safe and easy offline transactions directly on user devices. IST also offers secure dynamic provisioning solutions, based on its market leading platform, to remotely deploy offline wallets on user smartphones. Integrating IST’s offline solution with R3’s Digital Currency platform enables CBDCs issued on Corda to be held and used in retail offline transactions, providing cash-like capabilities to the CBDC.
This collaboration provides a unique advancement in online and offline CBDC usage, enabling end-users to make transactions from a range of devices, including phones and smart cards. This initiative enhances financial inclusion, especially for remote areas where there may be limited or no internet capability, strengthening the digital payment system and diversifying payment options. It also enhances financial services resilience whilst introducing new technologies to support further customer product innovation.
Commenting on the partnership, Kate Karimson, Chief Commercial Officer of R3, said, “As 130 countries actively explore CBDCs, while many others are pursuing alternative forms of tokenized payment solutions, these innovations have the potential to generate huge financial efficiencies for both the wholesale and retail sector by reducing payment fees and accelerating the movement of money. By enabling secure and efficient offline transactions, IDEMIA Secure Transactions and R3 are unlocking access to this promising technology and building products for an open and connected digital future. We’re excited to expand this initiative to other product capabilities soon.”
Kate Eagle, Head of Growth & Innovation Incubation at IDEMIA Secure Transactions, said, “IDEMIA Secure Transactions is excited to partner with R3 on our offline digital currency solution. Integrating with R3’s Digital Currency platform to enable CBDCs issued on the Corda network to be exchanged offline from a range of devices expands access to digital currencies and streamlines the wallet payment experience. This partnership also introduces technology that enables consecutive offline payments between payers and payees, leveraging secure chip technology for enhanced and uncompromised security. We are proud to be driving financial inclusion and innovation at the forefront of this sector.”