SWIFT Moves To Phase Two In Its CBDC Tests After Positive Results
Key Points:
- SWIFT reported further developments in its experimental approach for connecting CBDCs.
- The firm replicated roughly 5,000 transactions across two separate blockchain networks and conventional currency payment systems during a 12-week testing period.
- According to the findings, the CBDC performed as predicted, and stakeholders are now advocating for improved improvements across the board.
SWIFT, the Society for Worldwide Interbank Financial Telecommunications, said that the financial institution has advanced to the second phase due to the positive results of its pilot test of integrating several central bank digital currencies (CBDCs).
SWIFT simulated approximately 5,000 transactions across two alternative blockchain networks and conventional currency payment systems during a 12-week testing period, according to a statement released on March 9.
The survey included over 18 financial organizations from across the globe, including the Royal Bank of Canada, Banco de France, Société Générale, BNP Paribas, Monetary Authority of Singapore, HSBC, Deutsche Bundesbank, NatWest, and others.
The project, which included banks such as BNP Paribas in France, Intesa Sanpaolo in Italy, and Standard Chartered in the United Kingdom, as well as central banks in France and Singapore, will now move on to a second phase of testing to evaluate applications such as trade finance and securities settlement.
Additionally, SWIFT said there was a high degree of agreement among participants on how CBDCs are anticipated to work. SWIFT intends to operate a second phase of its CBDC sandbox and develop its CBDC interlinking solution into a beta version for payments with greater atomicity in the coming months.
The company said that it is moving on to the second phase of testing due to the positive findings of the first phase. The first study, which included around 18 central and commercial banks, aims to determine if CBDCs can travel between Distributed Ledger Technology (DLT) and the infrastructure that underpins the existing financial system.
The OMFIF Digital Monetary Institute predicts that 24% of central banks will create a CBDC solution during the next two years. Approximately 110 central banks worldwide are now studying CBDC use cases. Lewis Sun, HSBC’s global head of domestic and developing payments, stated:
SWIFT said in October that it had devised a solution that would allow CBDCs to transition between DLT-based and fiat-based systems while using the current financial infrastructure. The sandbox testing environment was created so that central and commercial banks may experiment with the solution to assess its efficacy and exchange insights to help steer its development.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Harold
Coincu News
Author
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SWIFT Moves To Phase Two In Its CBDC Tests After Positive Results
Key Points:
- SWIFT reported further developments in its experimental approach for connecting CBDCs.
- The firm replicated roughly 5,000 transactions across two separate blockchain networks and conventional currency payment systems during a 12-week testing period.
- According to the findings, the CBDC performed as predicted, and stakeholders are now advocating for improved improvements across the board.
SWIFT, the Society for Worldwide Interbank Financial Telecommunications, said that the financial institution has advanced to the second phase due to the positive results of its pilot test of integrating several central bank digital currencies (CBDCs).
SWIFT simulated approximately 5,000 transactions across two alternative blockchain networks and conventional currency payment systems during a 12-week testing period, according to a statement released on March 9.
The survey included over 18 financial organizations from across the globe, including the Royal Bank of Canada, Banco de France, Société Générale, BNP Paribas, Monetary Authority of Singapore, HSBC, Deutsche Bundesbank, NatWest, and others.
The project, which included banks such as BNP Paribas in France, Intesa Sanpaolo in Italy, and Standard Chartered in the United Kingdom, as well as central banks in France and Singapore, will now move on to a second phase of testing to evaluate applications such as trade finance and securities settlement.
Additionally, SWIFT said there was a high degree of agreement among participants on how CBDCs are anticipated to work. SWIFT intends to operate a second phase of its CBDC sandbox and develop its CBDC interlinking solution into a beta version for payments with greater atomicity in the coming months.
The company said that it is moving on to the second phase of testing due to the positive findings of the first phase. The first study, which included around 18 central and commercial banks, aims to determine if CBDCs can travel between Distributed Ledger Technology (DLT) and the infrastructure that underpins the existing financial system.
The OMFIF Digital Monetary Institute predicts that 24% of central banks will create a CBDC solution during the next two years. Approximately 110 central banks worldwide are now studying CBDC use cases. Lewis Sun, HSBC’s global head of domestic and developing payments, stated:
SWIFT said in October that it had devised a solution that would allow CBDCs to transition between DLT-based and fiat-based systems while using the current financial infrastructure. The sandbox testing environment was created so that central and commercial banks may experiment with the solution to assess its efficacy and exchange insights to help steer its development.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Harold
Coincu News
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