Enterprise Payments with Central Bank Digital Currency

The paper proposes an architecture for implementing the Bank of England's basic principles for the design of a CBDC with a focus on real-time high value, often cross border, enterprise transactions. The use of digital ledger technology makes innovative use of chaincode - smart contracts specifying how transactions are to be conducted - and tokens - providing a convenient mechanism for executing transactions and providing the CB monetary policy management. The proposed approach minimizes counterparty risk, eliminates settlement risk, and enhances transaction efficiency, thereby improving global productivity.