They were able to do this with the help of Open Source Software by a group called STRO (Social TRade Organisations). STRO’s objective is to move money as a major steering mechanism in society from causing environmental abuse and preventing many poor to optimise their capacities, to become an instrument that serves a qualitative human development. The first STRO was founded in 1970 in Holland.
STRO picks up the challenge described by Bank of England’s governor Mervyn King:
“Is it possible that advances in technology will mean that (...) the world may come to resemble a pure exchange economy? Electronic transactions in real time hold out that possibility. There is no reason, in principle, why final settlements could not be carried out by the private sector without the need for clearing through the central bank. (...) There is no conceptual obstacle to the idea that two individuals engaged in a transaction could settle by a transfer of wealth from one electronic account to another in real time. (...) The same system could match demands and supplies of financial assets, determine prices and make settlements. Financial assets and real goods and services would be priced in terms of a unit of account. Final settlement could be made without any recourse to the central bank.(...) Without such a role in settlements, central banks, in their present form, would no longer exist; nor would money.”
Visit http://project.cyclos.org/ to check out all the features of this Open Source project.