Home News Swift is testing CBDC platform to connect 200 countries and 12,000 banks

Swift is testing CBDC platform to connect 200 countries and 12,000 banks

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Global banking messaging network SWIFT is making progress in building a new platform to connect the growing wave of central bank digital currencies (CBDCs) being developed around the world.

The platform aims to facilitate interconnections between digital currencies that may emerge in the coming years within the financial system. Its aim is to expand to the world of CBDCs. SWIFT network is present in more than 200 countries To connect more than 11,500 banks where billions of dollars are transacted every day.

As explained result report The platform, released by the company this March, is likely to be One of the most important for the emerging CBDC ecosystem“Swift Given Key Role in Global Banking.”

In this regard, Nick Kerrigan, head of innovation at Swift, said that the latest tests, which were run over the last 6 months, These included more than 38 institutions, It included 7 members from central banks, large commercial banks and other settlement platforms, making it “one of the largest global collaborations on CBDCs and tokenized assets.”

The list of participants in the tests includes central banks and monetary authorities Australia, Czech Republic, France, Germany, Singapore, Taiwan and Thailand, Among the commercial banks were important international institutions such as Citibank, HSBC, Santander, Deutsche Bank, Societe Generale, ANZ and Grupo CLS.

At the technology level, the trials included Corda, Hyperledger Besu and Fabric, with Kaleido as the technical solution provider and Capgemini as the integrator.

They want to create a central platform for CBDC

Testing so far has focused on ensuring that CBDCs from different countries can be used together, even if they are based on different underlying technologies or “protocols.” Thus, they seek Reduce the risk of payment system fragmentation with CBDCs,

As CriptoNoticias reported, SWIFT has been running separate payment experiments dedicated to CBDC and asset tokenization since last October. They assure that the tests have been very successful.

The idea is that once the interconnection solution is expanded, the bank is a primary global connection point, Capable of handling digital asset payments. This will avoid setting up separate payment points for each CBDC.

Regarding the launch date of the platform, Kerrigan commented that they were analyzing a roadmap for Launch it in the next 12 to 24 months. This, noting that “it’s already moving from the experimental phase to something real.” However, if CBDC launches of major economies are delayed, the schedule is likely to change.

SWIFT’s progress with this platform for CBDCs comes in a context in which more than 100 countries are moving forward with the creation of their own digital currencies. This, despite the rejection caused by these types of assets, because they are seen by the majority as a control mechanism.

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