Cryptotechnologies and Smart Payments Working Group

Background and mission

The Cryptotechnologies and Smart Payments Working Group explores how financial infrastructures should evolve to help enable secure, flexible ecosystems for smart payments and the Internet of Things. 

Increased process automation in the financial sector, coupled with the rise of distributed ledger technology and artificial intelligence, is moving toward a point where autonomous devices interact with each other without manual intervention. This development, the so-called Internet of Things, requires that financial institutions assess new strategies to transform their IT and business models. Mechanisms to enable smart payments, i.e. automated instant payments (including small-value and micropayments), need to be developed.

By exploring the opportunities and challenges of smart payments, the Cryptotechnologies and Smart Payments Working Group intends to help EBA member institutions understand how existing infrastructures and/or emerging technologies could be leveraged to support the smart economy.   

Launched in 2016, the Cryptotechnologies Working Group has explored relevant use cases and business models for cryptotechnologies in trade finance, international payments and regulatory compliance. In light of the increasing significance of the Internet of Things in the financial sector, the EBA Board recently extended the mandate of the working group to exploring smart payments.

To reflect this new focus, the working group has been renamed Cryptotechnologies and Smart Payments Working Group.

For more information see the Terms of Reference.

Current Activities

The current focus of the working group is to identify the mechanisms needed for banks to enable a smart economy. The latest paper on this topic was published in September 2019. To read the summary and to download the full paper, click here