🔥 Swift to Launch Digital Transaction Testing in 2025
posted 3 Oct 2024
The global payment system Swift is set to start testing digital asset transactions via its network in 2025. Having experimented with blockchain technology for a while, Swift is now preparing to conduct trials with banks. The initial tests are planned for Europe, North America, and Asia.
Swift’s efforts aim to demonstrate to financial institutions how they can facilitate seamless cross-asset exchanges between both traditional and digital forms of currencies.
According to Tom Zschach, Сhief Innovation Officer, digital currencies must integrate smoothly with fiat currencies to achieve global success. The organization acknowledges that adoption is currently fragmented, but these experiments are designed to bridge digital and traditional platforms.
Swift’s efforts aim to demonstrate to financial institutions how they can facilitate seamless cross-asset exchanges between both traditional and digital forms of currencies.
According to Tom Zschach, Сhief Innovation Officer, digital currencies must integrate smoothly with fiat currencies to achieve global success. The organization acknowledges that adoption is currently fragmented, but these experiments are designed to bridge digital and traditional platforms.
Swift’s Сhief Innovation Officer on Integrating New Assets Source: swift.com
As Tom Zschach indicated, Swift's goal is to allow its community to continue conducting and tracking transactions involving new forms of value, all while maintaining the security and reliability of the infrastructure currently in place.
Research from the Atlantic Council shows that 134 countries, making up 98% of the global economy, are exploring CBDCs, with nearly half already in advanced stages of development.
Swift is also making progress in the CBDC space. Recently, the organization joined the Agora project, which seeks to integrate tokenized commercial bank deposits and wholesale CBDCs on a single platform.
Reports suggest that Swift has successfully connected public and private blockchains, along with CBDCs, at a global level.
Research from the Atlantic Council shows that 134 countries, making up 98% of the global economy, are exploring CBDCs, with nearly half already in advanced stages of development.
Swift is also making progress in the CBDC space. Recently, the organization joined the Agora project, which seeks to integrate tokenized commercial bank deposits and wholesale CBDCs on a single platform.
Reports suggest that Swift has successfully connected public and private blockchains, along with CBDCs, at a global level.
