Payment Systems Broadcast #12 - The Application of Digital Twins within Payment Systems

About this Episode

| Kimmo Soramäki (FNA)
| Martin Kyle (Payments Canada)

Martin Kyle, Chief Information Security Officer at Payments Canada, joined FNA’s Kimmo Soramäki to discuss the value of Digital Twins and how digital replicas of payment systems are accelerating the ability to design better systems, reduce developmental costs, increase the speed of deployment and enable smoother regulatory approvals. Kimmo will also share insight into how this technology applies to other financial areas, including CBDC development and liquidity management.

The session covered:

• Digital Twins in the context of financial services and what use they offer
• How closely can a Digital Twin replicate an existing system
• How Digital Twins support the function of an FMI
• Examples of projects where Digital Twins have delivered value to payment and settlement systems
• The data required and the purpose it serves
• Digital Twins and new innovations such as CBDCs and Digital Currencies
• The requirements to develop a Digital Twin Capability