{"id":61917,"date":"2023-09-16T21:05:03","date_gmt":"2023-09-17T01:05:03","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/swift-collaborates-with-three-central-banks-to-pilot-cbdc-interoperability\/"},"modified":"2023-09-16T21:05:06","modified_gmt":"2023-09-17T01:05:06","slug":"swift-collaborates-with-three-central-banks-to-pilot-cbdc-interoperability","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=61917","title":{"rendered":"Swift Collaborates with Three Central Banks to Pilot CBDC Interoperability"},"content":{"rendered":"
\n

Swift\u00a0<\/strong>has partnered with three central banks to conduct beta testing of its\u00a0central bank digital currency (CBDC)<\/strong>\u00a0connector solution in an effort to advance cross-border payments using CBDCs.<\/p>\n

In\u00a0a recent press release, the global financial messaging network said that the\u00a0Hong Kong Monetary Authority<\/strong>\u00a0and the\u00a0Central Bank of Kazakhstan<\/strong>\u00a0are among the three central banks currently integrating its solution with their CBDC infrastructure.<\/p>\n

The collaborative project aims to establish interoperability among CBDCs, enabling seamless transactions across different digital currencies.\u00a0<\/p>\n

“Our focus is on interoperability \u2013 ensuring that new digital currencies can seamlessly coexist with each other and with today\u2019s fiat-based currencies and payment systems,” Swift Chief Innovation Officer Tom Zschach said.<\/p>\n

\n

“The financial community has already recognised the strong potential of our CBDC innovations for preventing digital islands while securely bridging the payment systems of today and the future.”<\/p>\n<\/blockquote>\n

Back in March, the bank started the development of the CBDC connector infrastructure using a sandbox testing process.<\/p>\n

Swift has\u00a0reported\u00a0that the initial phase of testing involved 18 global financial institutions, including HSBC, Banque de France, and the Royal Bank of Canada.\u00a0<\/p>\n

During this period, participants successfully processed 4,736 transactions between the Quorum and Corda blockchain networks, as well as between Corda and a fiat currency.<\/p>\n

Swift Enters Second Phase of CBDC Experiments<\/h2>\n

Building upon the success of the initial phase, Swift has now entered the second phase of CBDC sandbox experiments exploring various use-cases.\u00a0<\/p>\n

This phase involves over 30 institutions, including the Reserve Bank of Australia, Deutsche Bundesbank, HKMA, and Bank of Thailand.\u00a0<\/p>\n

The focus of this phase includes trigger-based payments for digital trade platforms, foreign exchange models, delivery vs payment, and liquidity saving mechanisms.<\/p>\n

Swift currently dominates the digital payments landscape with its extensive network connecting more than 11,000 banks, financial institutions, and corporations across 200 countries and territories.<\/p>\n

However, it faces potential competition from the Bank for International Settlement’s (BIS) Unified Ledger global CBDC system, which could disrupt Swift’s core business of international money transfers.\u00a0<\/p>\n

The Unified Ledger seeks to tokenize international central bank money, commercial money, and various assets on a single platform, enabling seamless interactions and transforming the nature of transactions.<\/p>\n

According to the Atlantic Council CBDC\u00a0tracker, 130 countries, representing 98% of global GDP, are currently exploring a CBDC, while 19 of the G20 countries are in the advanced stage of their CBDC development.<\/p>\n

In total, 11 countries have fully launched a CBDC, which include\u00a0China<\/strong>,\u00a0The Bahamas<\/strong>,\u00a0Nigeria<\/strong>, Anguilla<\/strong>,\u00a0Jamaica<\/strong>, and seven\u00a0Eastern Caribbean<\/strong>\u00a0countries.<\/p>\n

It is worth noting that the United States is among the few countries that have no confirmed plans to launch a digital currency.<\/p>\n

However, the country has been still moving forward on a wholesale (bank-to-bank) CBDC.<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Swift\u00a0has partnered with three central banks to conduct beta testing of its\u00a0central bank digital currency (CBDC)\u00a0connector solution in an effort to advance cross-border payments using CBDCs. In\u00a0a recent press release, the global financial messaging network said that the\u00a0Hong Kong Monetary Authority\u00a0and the\u00a0Central Bank of Kazakhstan\u00a0are among the three central banks currently integrating its solution with […]<\/p>\n","protected":false},"author":1,"featured_media":61918,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-61917","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nSwift Collaborates with Three Central Banks to Pilot CBDC Interoperability | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Swift\u00a0has partnered with three central banks to conduct beta testing of its\u00a0central bank digital currency (CBDC)\u00a0connector solution in an effort to\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=61917\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Swift Collaborates with Three Central Banks to Pilot CBDC Interoperability | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"Swift\u00a0has partnered with three central banks to conduct beta testing of its\u00a0central bank digital currency (CBDC)\u00a0connector solution in an effort to\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ifintechworld.com\/?p=61917\" \/>\n<meta property=\"og:site_name\" content=\"iFintechWorld\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-17T01:05:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-17T01:05:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/09\/swift-1-media-library-ori.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ifintechworld.com\/?p=61917#article\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=61917\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\"},\"headline\":\"Swift Collaborates with Three Central Banks to Pilot CBDC Interoperability\",\"datePublished\":\"2023-09-17T01:05:03+00:00\",\"dateModified\":\"2023-09-17T01:05:06+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=61917\"},\"wordCount\":459,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"keywords\":[\"Featured\"],\"articleSection\":[\"Crypto\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ifintechworld.com\/?p=61917#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ifintechworld.com\/?p=61917\",\"url\":\"https:\/\/ifintechworld.com\/?p=61917\",\"name\":\"Swift Collaborates with Three Central Banks to Pilot CBDC Interoperability | iFintechWorld\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/#website\"},\"datePublished\":\"2023-09-17T01:05:03+00:00\",\"dateModified\":\"2023-09-17T01:05:06+00:00\",\"description\":\"Swift\u00a0has partnered with three central banks to conduct beta testing of its\u00a0central bank digital currency (CBDC)\u00a0connector solution in an effort to\",\"breadcrumb\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=61917#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ifintechworld.com\/?p=61917\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ifintechworld.com\/?p=61917#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ifintechworld.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Swift Collaborates with Three Central Banks to Pilot CBDC Interoperability\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ifintechworld.com\/#website\",\"url\":\"https:\/\/ifintechworld.com\/\",\"name\":\"Repay Down\",\"description\":\"Latest Personal Finance News, Tips and Updates\",\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ifintechworld.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/ifintechworld.com\/#organization\",\"name\":\"Repay Down\",\"url\":\"https:\/\/ifintechworld.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"width\":558,\"height\":90,\"caption\":\"Repay Down\"},\"image\":{\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/ifintechworld.com\"],\"url\":\"https:\/\/ifintechworld.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Swift Collaborates with Three Central Banks to Pilot CBDC Interoperability | iFintechWorld","description":"Swift\u00a0has partnered with three central banks to conduct beta testing of its\u00a0central bank digital currency (CBDC)\u00a0connector solution in an effort to","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ifintechworld.com\/?p=61917","og_locale":"en_US","og_type":"article","og_title":"Swift Collaborates with Three Central Banks to Pilot CBDC Interoperability | iFintechWorld","og_description":"Swift\u00a0has partnered with three central banks to conduct beta testing of its\u00a0central bank digital currency (CBDC)\u00a0connector solution in an effort to","og_url":"https:\/\/ifintechworld.com\/?p=61917","og_site_name":"iFintechWorld","article_published_time":"2023-09-17T01:05:03+00:00","article_modified_time":"2023-09-17T01:05:06+00:00","og_image":[{"width":1200,"height":675,"url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/09\/swift-1-media-library-ori.jpg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ifintechworld.com\/?p=61917#article","isPartOf":{"@id":"https:\/\/ifintechworld.com\/?p=61917"},"author":{"name":"News Room","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61"},"headline":"Swift Collaborates with Three Central Banks to Pilot CBDC Interoperability","datePublished":"2023-09-17T01:05:03+00:00","dateModified":"2023-09-17T01:05:06+00:00","mainEntityOfPage":{"@id":"https:\/\/ifintechworld.com\/?p=61917"},"wordCount":459,"commentCount":0,"publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"keywords":["Featured"],"articleSection":["Crypto"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ifintechworld.com\/?p=61917#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ifintechworld.com\/?p=61917","url":"https:\/\/ifintechworld.com\/?p=61917","name":"Swift Collaborates with Three Central Banks to Pilot CBDC Interoperability | iFintechWorld","isPartOf":{"@id":"https:\/\/ifintechworld.com\/#website"},"datePublished":"2023-09-17T01:05:03+00:00","dateModified":"2023-09-17T01:05:06+00:00","description":"Swift\u00a0has partnered with three central banks to conduct beta testing of its\u00a0central bank digital currency (CBDC)\u00a0connector solution in an effort to","breadcrumb":{"@id":"https:\/\/ifintechworld.com\/?p=61917#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ifintechworld.com\/?p=61917"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ifintechworld.com\/?p=61917#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ifintechworld.com\/"},{"@type":"ListItem","position":2,"name":"Swift Collaborates with Three Central Banks to Pilot CBDC Interoperability"}]},{"@type":"WebSite","@id":"https:\/\/ifintechworld.com\/#website","url":"https:\/\/ifintechworld.com\/","name":"Repay Down","description":"Latest Personal Finance News, Tips and Updates","publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ifintechworld.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ifintechworld.com\/#organization","name":"Repay Down","url":"https:\/\/ifintechworld.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","width":558,"height":90,"caption":"Repay Down"},"image":{"@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","caption":"News Room"},"sameAs":["https:\/\/ifintechworld.com"],"url":"https:\/\/ifintechworld.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/61917","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=61917"}],"version-history":[{"count":1,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/61917\/revisions"}],"predecessor-version":[{"id":61919,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/61917\/revisions\/61919"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/media\/61918"}],"wp:attachment":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=61917"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=61917"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=61917"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}