Global financial services provider SWIFT has completed its CBDC experiments to facilitate cross-border transactions.
In the past months, SWIFT has announced that it has started CBDC experiments in order to conduct global transactions more efficiently and quickly. The global financial service provider created the plan for the new model after 8 months of experimentation.
SWIFT Prepares for CBDC Integration
SWIFT has conducted its experiments with global companies such as HSBC, Standard Chartered and UBS. In addition, the central banks of Germany and France participated in these experiments. The global network has studied how CBDCs can be used internationally. In some of the experiments, he also discussed how it could be converted into fiat money.
About 90 percent of the world’s central banks are currently focused on CBDCs. Since banks do not want to lag behind the developing cryptocurrencies, they stand on their own network structure.
Nick Kerigan, one of the SWIFT executives, stated that they will continue their experiments next year by making them more comprehensive. Kerigan said the resulting model resembles a bicycle wheel, with a total of 14 central and commercial banks connected to the headquarters.
The trials also discussed different technologies known as Distributed Ledger Technologies.
49992
