An announcement from SWIFT on its experimental solution for Central Banks Digital Currencies and how to move CBDC-to-CBDC and CBDC-to-fiat seamlessly, in international transactions, on existing financial infrastructure across more than 200 countries. Swift is looking at developing a financial ecosystem in which digital and traditional currencies co-exist. Interoperability is a key strategic focus for Swift, and a key challenge for the financial industry as digital currencies develop.<\/p>\n\n\n\n
18 central and commercial banks which took part in the initiative are encouraging continued development, following experiments that involved nearly 5,000 CBDC-to-CBDC and CBDC-to-fiat simulations over a 12-week period. Central and commercial bank participants expressed strong support for the solution\u2019s continued development, noting that it enabled seamless exchange of CBDCs, even those built on different platforms.<\/p>\n\n\n\n
Swift will now build a beta version of the solution for payments that can be tested further by central banks. It will also explore additional use cases in securities settlement and trade finance; a second phase of sandbox testing will be held, in which the Swift community can collaborate further with a focus on new use cases, including in securities settlement (such as cross-asset exchange), trade finance, and conditional payments.<\/p>\n","protected":false},"excerpt":{"rendered":"
An announcement from SWIFT on its experimental solution for Central Banks Digital Currencies and how to move CBDC-to-CBDC and CBDC-to-fiat seamlessly, in international transactions, on existing financial infrastructure across more than 200 countries. Swift is looking at developing a financial ecosystem in which digital and traditional currencies co-exist. Interoperability is a key strategic focus for Swift, and a key challenge for the financial industry as digital currencies develop. 18 central and commercial banks which took part in the initiative are […]<\/p>\n","protected":false},"author":8,"featured_media":2528,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[61],"tags":[],"class_list":["post-2527","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking-and-finance"],"_links":{"self":[{"href":"https:\/\/businessjurnalmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/2527","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businessjurnalmedia.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businessjurnalmedia.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businessjurnalmedia.com\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/businessjurnalmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2527"}],"version-history":[{"count":1,"href":"https:\/\/businessjurnalmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/2527\/revisions"}],"predecessor-version":[{"id":2529,"href":"https:\/\/businessjurnalmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/2527\/revisions\/2529"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businessjurnalmedia.com\/index.php?rest_route=\/wp\/v2\/media\/2528"}],"wp:attachment":[{"href":"https:\/\/businessjurnalmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2527"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businessjurnalmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2527"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businessjurnalmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2527"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}