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SWIFT: "Breakthrough" in CBDC testing

 


On October 5, payments network SWIFT announced that it had successfully moved central bank digital currencies and tokenized assets on top of existing financial infrastructure in two experiments. According to SWIFT, the results would show, "CBDCs can be deployed rapidly and at scale to enable trade and investment between more than 200 countries and regions worldwide."


SWIFT is a Belgian messaging system that connects over 11,500 financial institutions worldwide and plays an important role in international transactions. Globally, nine out of ten central banks are actively looking at digital currencies. Working with Capgemini, SWIFT has been able to process transactions with CBDCs based on various distributed ledger technologies. It also used a fiat-to-CBDC payment network.


Fourteen central and commercial banks, including Banque de France, Deutsche Bundesbank, HSBC, Intesa Sanpaolo, NatWest, SMBC, Standard Chartered, UBS and Wells Fargo, are now working together in a test bed to accelerate a CBDC mass adoption.


In the second experiment, SWIFT has shown that its infrastructure can integrate tokenization platforms in different types of cash payments. Working with Citi, Clearstream, Northern Trust and SETL, SWIFT tested 70 scenarios simulating the issuance and transfer of tokenized bonds, equities and cash in the secondary market. The World Economic Forum estimates that the tokenization market could be worth $24 trillion by 2027. Tom Zschach, Chief Innovation Officer at SWIFT, commented on this development:


“Digital currencies and tokens could well change the way we will pay and invest in the future. However, this potential can only be realized if the different approaches that are being explored can be connected and work together. We look at inclusivity and interoperability as central pillars of the financial ecosystem and our innovation is an important step towards unlocking the potential of the digital future."

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