ECB Awards Feedzai €79M Deal to Secure Digital Euro Transactions
The European Central Bank (ECB) has awarded Feedzai a significant contract to secure digital euro transactions. The €79 million deal marks a crucial step in the ECB's push for a digital currency that promotes resilience, inclusion, and technological sovereignty.
Feedzai, a global leader in fraud prevention, will provide a central risk management and fraud detection system for the digital euro. The platform will generate a fraud risk score for every transaction, aiding payment service providers in approval decisions.
The ECB's decision comes as part of its broader strategy to develop secure and robust systems for the digital euro. The project, valued at €79.1 million with a maximum of €237.3 million, is one of several partnerships with technology providers aimed at ensuring the digital euro's success.
Nuno Sebastião, CEO and Co-founder of Feedzai, emphasized the importance of their role in securing these transactions. Feedzai, in collaboration with PwC, will deliver a state-of-the-art system complying with EU security and data protection standards. Liviu Chirita and Dominic Schauerte from PwC highlighted the project's significance in enabling Europe to lead with integrity and technological sovereignty.
The digital euro, representing the world's second-largest economy, is the most significant monetary innovation since 1999. It is designed as a public good, preserving the role of central bank money in a digital world and supporting financial inclusion.
The ECB's partnership with Feedzai is a key milestone in the digital euro's development. With a focus on security, resilience, and inclusion, the digital euro has the potential to shape Europe's financial future. The international community, including other central banks, is closely following this initiative.
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