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SWIFT, the global banking information network, plans to build a new platform in the next one to two years to connect central bank digital currencies with the existing financial system.
This is critical to the CBDC ecosystem and may be fine-tuned during the first major rollout. About 90% of central banks are studying digital currencies, and SWIFT’s latest trial lasted six months and involved 38 member groups, aiming to ensure that CBDCs in different countries can interoperate.
This move will reduce the risk of payment system fragmentation and speed up processes and reduce costs. Despite the challenges, SWIFT expects to productize it within the next 12-24 months.
SWIFT’s main advantage is its global network connecting more than 11,500 banks and funds, making it the main global connection point for processing digital asset payments.
(Source: Reuters Image source: freepik)
