Under India’s G20 Presidency, RBI and BIS Innovation Hub (BISIH) launched the fourth edition of the G20 TechSprint on May 4, 2023 and invited global innovators to help develop technology solutions for cross-border payments. We presented our solution in front of the esteemed panel of central bankers from RBI, BISIH, IMF, World Bank, Monetary Authority of Singapore and Bank of Thailand.In the presentation our cross-border CBDC remittance solution introduced the new concept of ‘Virtual ATM network’ which is an enabler to cross-border Central Bank Digital Currency (CBDC) remittance.‘Virtual ATM network’ - would help central banks to expedite CBDC adoption in a two-tier banking system while removing the dependency on commercial banks for the distribution of CBDC. ‘Virtual ATM network’ comes with a commercial model that benefits every participants including central bank, commercial banks, merchants and consumers.
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