Hungary’s Perfinal Launches CBDC-ready Platform That Creates Digital Banks

Perfinal, the Hungarian core banking provider, says its new platform will be ready for central bank digital currencies (CBDCs), a press release says.

The new platform will allow bankers in non-tech roles to make EMIs or neobanks.

It will let CFOs visualize financial elements and construct and test workflows. Meanwhile, Perfinal’s Flux engine will be at work in the background to execute commands.

Also, there will be other features like multi-subsidiary treasury management and multi-layer financial crime technology, which will help with newer issues like virtual currencies and CBDCs.

“This is advanced Fly-By-Wire tech for banks,” says CEO Mate Brezovszki. “Financial Commander does exactly what it says: it puts financial officers back in command as financial players compete for the digital landscape.”

The CBDC Tracker says that a “majority” of central banks around the world are at least conducting research into the new form of currency.

Many, including China and France, are actively engaged in pilots either in process or announced.

Perfinal, which was launched in January of this year, is focused right now on development. It plans to announce other things next year.

PYMNTS reports that the Bank of International Settlements (BIS) has issued a statement from seven central banks that CBDCs would “need careful design and implementation, allowing time for the existing financial system to adjust and flexibility to use safeguards.”

Read more: BIS Report: Banks Need Time to Adjust to CBDCs

The report says the impacts of disintermediation could be connected to a shift from bank deposits into CBDCs, or other newer things like stablecoins. There could be implications for lending, and the risks might include bank runs.

“However, our analysis also suggests that these impacts would likely be limited for many plausible levels of CBDC take-up, if the system had the time and flexibility to adjust,” the report said, per PYMNTS.

The report says CBDCs could be as safe as cash and also have more electronic benefits.