KornX Product Suit
Over the last several years KornX - 'the programmable digital currency network' has been advanced with all the capabilities that a CBDC ecosystem needs to mint, manage and distribute digital currencies end to end.
The KornX product suit include management portal for Central Banks to mint, manage and monitoring CBDCs; tools for PSPs/banks to distribute CBDCs and on-board merchants; PoS system for merchants to accept payments in CBDC and hot/cold wallet for the consumers to use CBDCs.
KornX product suit for the CBDC ecosystem
Within the coming decade, central bank digital currencies (CBDCs) will roll-out across virtually every developed nation in the world. Financial institutions must prepare now, in order to be ready when the time comes.
Begin by integrating digital currency transaction and processing capabilities into your legacy systems or by launching new technology platforms to accommodate stakeholders.
To handle digital currencies under license, you must implement technology solutions that are acceptable to regulators and compliant with all applicable governance requirements. Since this is often unfamiliar and uncharted territory, having an experienced fintech solutions partner on your side is critical.
Our digital currency experts can assist you with all of your needs for CBDC solutions. Talk to us about CBDC workshops, pilot programs, deployment and systems management. Our innovative CBDC Sandbox provides financial institutions with an invaluable opportunity to see our Digital Currency Management System (DCMS) network in action and to put it to the test under a variety of scenarios.
CBDC Minting Machine
The KornX Minting Machine has been designed in collaboration with IBM. The product runs on world’s most secure Digital Asset Platform delivered on on-premise/off-premise private cloud. We provide customizable governance framework to carry out secure minting and management of digital currencies.
- Hyper-secure from the top down: Private keys are always encrypted and cannot be extracted, imported or compromised.
- Decentralized architecture: Transactions require multiple layers of authentication via key signing. No single point of failure.
- Configurable governance: Configurable roles and customizable permissions to align with stakeholders.
- True scalability: Cloud and on-prem solutions that can be scaled to multiple geo-locations.
- Real-time monitoring and reporting
CBDC Distribution System
Execute distribution of digital currencies, securely.
This includes transferring and redeeming of digital currencies. KornX allows monitoring transactions region, industry sector and wallet type over any defined time period.
- Plug & play flexibility: Designed to integrate into existing enterprise systems for fast on-boarding.
- Programmable smart contract layer: Customizable business logic to support controls and policies.
CBDC Accounting System
Define parameters for accounting like interest rates, wallet types, associated limits and allow for role-based permissions.
KornX allows to monitor digital currency operations, settlement status, total supply, wallet balance, transaction history, in real-time.
- Programmable smart contract layer: Customizable business logic to support controls and policies.
Merchant onboarding
KornX is integrated with 3rd party KYC providers for conducting due diligence of businesses. Criteria for KYC are defined under the Central Bank’s Smart Contracts enabling them to retain control over onboarding. PSPs and banks also have an option to opt for their own KYC or outsource KYC services.
CBDC Distribution system
Execute distribution of digital currencies, securely. This includes issuing, transferring and destroying when required. KornX also allows monitoring transactions region, industry sector and wallet type over any defined time period.
CBDC Account Manager
Each merchant has access to their personal account to monitor digital currency operations, settlement status, transaction history. KornX tracks every key information and provides real-time data on merchant dashboards.
CBDC for ePoS or in-store payments
KornX enables merchants to accept CBDC payments from both hot and cold wallets. It also allows merchants to accept payments via QR code scan where the merchant displays a dynamic encrypted QR code and customer can scan using the CBDC wallet to make instant payment.
CBDC for payments at eCommerce:
KornX API hub for Enterprise integration
KornX API Hub offers seamless integration experience, making it efficient and easy for enterprises to connect with the CBDC ecosystem and start accepting and making payments in CBDC.
Dual app wallet (Hot and cold)
Consumers can download the app wallet from App Store and Google play store, register themselves and complete KYC.
Each wallet will be recognised by a unique ID. Consumers can set the mode and use the app wallet for online (Hot Wallet) as well as offline (Cold Wallet) transactions with Near Field Communication (NFC) technology. The offline transaction limits will be predefined in the Central Bank level Smart Contracts, ensuring agreed and limited CBDCs are transacted in an offline environment. KornX network can also enable hardware wallet for offline payment. Hardware wallets are normally offline and stores the private key hence are more secure.
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