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On September 13, SWIFT, the global financial messaging network, <a href="https://www.swift.com/news-events/press-releases/swift-advances-cbdc-innovation-interlinking-solution-begins-beta-testing" rel="noopener noreferrer nofollow">announced</a> a new development phase in its Central Bank digital currency (CBDC) interoperability project. The Hong Kong Monetary Authority, the Central Bank of Kazakhstan, and a third undisclosed central bank have joined this beta testing phase. These institutions have integrated their existing financial infrastructures with SWIFT&#39;s specialized CBDC connector solution for direct testing.SWIFT <a href="https://www.swift.com/news-events/news/successful-testing-paves-way-cbdc-use-cross-border" rel="noopener noreferrer nofollow">commenced</a> its sandbox testing phase in March, attracting involvement from more than 18 leading financial entities such as Deutsche Bundesbank, Royal Bank of Canada, and Banque de France. In the first 12-week span, the sandbox logged in excess of 5,000 transactions. With the addition of new participants, the overall count of institutions engaged is anticipated to exceed 30.Tom Zschach, Chief Innovation Officer at SWIFT, emphasized that the project&#39;s main focus is on <a href="https://cryptotale.org/swift-and-chainlink-join-forces-pioneering-the-path-to-blockchain-backed-finance/" rel="noopener noreferrer nofollow">interoperability</a>. He stated that the aim is to ensure that emerging digital currencies could coexist seamlessly with existing fiat-based currencies and payment systems. The next phase of testing would help refine the solution to ensure its effectiveness on a larger scale.The project has garnered attention from fintech experts, including John Kiff, who recently <a href="https://x.com/Kiffmeister/status/1702012172992385111?s&#61;20" rel="noopener noreferrer nofollow">highlighted</a> SWIFT&#39;s efforts on social media. He further pointed out that the project is exploring various use cases, such as trigger-based payments for digital trade platforms and foreign exchange models.According to <a href="https://www.atlanticcouncil.org/cbdctracker/" rel="noopener noreferrer nofollow">data</a> from The Atlantic Council, 130 countries, accounting for 98% of the global GDP, are currently exploring the development of CBDCs. SWIFT aims to counter the potential fragmentation of the financial landscape by focusing on interoperability, as most countries are primarily concerned with domestic CBDC usage.Read full article at <a href="https://cryptotale.org/swift-expands-cbdc-interoperability-project-with-new-central-bank-participants/" rel="noopener noreferrer nofollow">CryptoTale.</a>

SWIFT Expands CBDC Interoperability Project with New Central Bank Participants

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