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Central banks are actively exploring central bank digital currencies (CBDCs)by conducting research, proofs of concept and pilots. However, adoption of aCBDC can risk fragmenting both payments markets and retail deposits. In thispaper, we aim to provide a mitigation to this fragmentation risk by presentingan illustrative industry architecture which places CBDCs and commercial bankmoney on a similar footing. We introduce the concept of ecosystems providing acommon programmability layer that interfaces with the account systems at bothcommercial banks and the central bank. We focus on a potential United Kingdom(UK) CBDC, including industry ecosystems interfacing with commercial banksusing Open Banking application programming interfaces (APIs).

An Illustrative Industry Architecture to Mitigate Potential Fragmentation across Central Bank Digital Currency and Commercial Bank Money