Bitt Inc., Barbados, and IBIS Management Associates Inc., Curaçao, signed a Memorandum of Understanding (MOU) to collaborate in bridging the Gap between Financial Institutions and Bitt’s Central Bank Digital Currency (CBDC) blockchain protocol. This was announced recently at Bitt’s “Central Bank Meets Blockchain” conference in Barbados, which was attended by most Caribbean Central Banks. The conference set the tone for the Caribbean movement where the Prime Minister of Barbados, Ms. Mia Amor Mottley, stated that she will personally lead the digital currency project for the island, not allowing Barbados to be paralyzed by fear of the unknown. She declared that Barbados is not only open for business, but also open for transformation.
With this transformation coming within the Caribbean, this MOU is the first step in the right direction to allow banks to execute transfers to and from the blockchain network in an efficient, cost effective, secure and compliant manner. IBIS Management has an extensive Caribbean, Central and South American client (Financial Institutions) footprint, which gives its existing clients a significant advantage through an interface between its robust and scalable Alchemy Payment Processing Suite (PPS) and the Bitt Suite. Bitt Suite includes features and functionalities such as Mobile Wallet, Merchant Teller Application, Exchanges as well as the Back-office solutions.
This MOU marks the start of a very special collaboration between the two companies with a mutual mission to assist banks in connecting seamlessly to a Blockchain backed digital currency, without disrupting the banking infrastructure. Banks will be able to do business with the evolutionary edge and the benefits of blockchain. It will become possible to link bank accounts to a digital currency wallet, while maintaining existing payment methods, business rules and compliance standards.
It is IBIS Management’s belief that Central Banks and Financial Institutions in general will continue to play a central role in the payment ecosystem and cannot be excluded from the equation. However, their roles and the type of products and services they deliver will change drastically.