Successful experiments conducted by SWIFT open up opportunities for global interoperability of various CBDC projects and tokenized assets and their integration into the existing financial infrastructure.
As part of experiments to integrate central bank digital currencies (CBDC) into the existing financial infrastructure, SWIFT has conducted several successful transactions between different distributed ledger technology (DLT) networks. A press release published by Business Wire reports this.
SWIFT achieved successful real-time CBDC-to-CBDC and fiat-to-CBDC transactions between various DLT networks based on Quorum and Corda technologies. Capgemini serves as the technical partner.
Fourteen central and commercial banks, including Banque de France, Deutsche Bundesbank, HSBC, Intesa Sanpaolo, NatWest, SMBC, Standard Chartered, UBS, Wells Fargo, and others took part in the project. The interaction is happening in a testing environment.
Another experiment demonstrated that the SWIFT infrastructure combines asset tokenization platforms and different types of cash payments. With Citi, Clearstream, Northern Trust, and SETL, SWIFT explored 70 scenarios that replicate the market mechanisms for issuing and transferring tokenized bonds, equities, and cash in the secondary market.
Successful experiments have shown that different distributed ledger networks can be combined. SWIFT’s experiments address the issue of interoperability between different CBDCs and tokenized assets. Moreover, they can be used in the existing financial infrastructure, opening up opportunities for their gradual integration into the international financial ecosystem. The development of SWIFT capabilities in this context will facilitate investment and trade interaction using CBDCs and tokens between more than 200 jurisdictions.
SWIFT’s experiments with CBDCs moved into an active phase at the end of this May. More recently, it became known that SWIFT and Chainlink are working on the possibility of combining traditional and cryptocurrency assets.
