The Application of Digital Twins within Payment Systems



| 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


Watch on-demand:


Session #12 Guests


Kimmo Soramäki 

Founder & CEO, FNA

Kimmo has been working with Central Banks for over 25 years. This work led him to found FNA in 2013 to solve important issues around financial risk and to explore the complex financial networks that play a continually larger role in the world around us.

Martin Kyle 

Chief Information Security Officer, 

Payments Canada

Martin Kyle is the Chief Information Security Officer (CISO) at Payments Canada. He is responsible for the organization’s corporate security program, including both cyber and physical security. Prior to joining Payments Canada in 2017, Martin held a similar role in the cooperative sector of Canadian financial institutions. He also has a deep background in technology development, implementation, and oversight. Martin is President of the National CISO Division of the CIO Association of Canada. He is also a Senior Member of the Association for Computing Machinery, a Certified Information Systems Security Professional, and a Certified Secure Software Lifecycle Professional. Martin holds a Bachelor of Science degree from Brigham Young University with additional graduate studies at Simon Fraser University.



Missed our previous sessions?


You can catch up with The FMI Broadcast on-demand. View all episodes >

More News

Payment Threading and how it accelerates throughput in payment systems

By Samantha Cook FNA Chief Data Scientist Samantha Cook outlines FNA’s Payment Threading Solution and how it offers a simple solution to the demands placed on payment systems.    Payment system infrastructure can only process so many transactions per second. If the number of transactions submitted is larger than that limit in any time period, […]

The FMI Broadcast Session #13

Green Finance Innovation   Thursday 5th October | 1 pm (UK)  With: | Bénédicte Nolens (BIS Innovation Hub) | Rosie Hampson (Goldman Sachs)   How can collaboration and innovation accelerate the transition to sustainable finance?  Join guests Rosie Hampson (Goldman Sachs) and Bénédicte Nolens (BIS Innovation Hub) for this 60-minute webinar as they share insights […]

The Suptech Broadcast, Session #9

Bridging Data Divides   Thursday 14th September 2023  With:  | Matei Dohotaru, Senior Financial Sector Specialist (World Bank Group) | Julapa Jagtiani, Senior Economic Advisor Economist, Federal Reserve Bank of Philadelphia   Session #9 of the Suptech Broadcast brought together Matei Dohotaru, Senior Financial Sector Specialist at World Bank Group and Julapa Jagtiani, Senior Economic Advisor […]
Copyright FNA © 2023 | Privacy Policy