SWIFT stays up to date and is ready to test CBDCs interconnection for cross-border transactions. The Belgian firm is teaming up with French IT company Capgemini to develop the project.
The Society for Worldwide Interbank Financial Telecommunication, or SWIFT, the Belgian financial messaging network used by banks in international money transfers, announced Thursday that it is teaming up with French IT company Capgemini to conduct experiments with cross-border central bank digital currency payments. This is SWIFT’s second research project on CBDC.
SWIFT and Capgemini are testing ways to link multiple CBDC networks, as well as CBDC and traditional currency networks, as a proof of concept.
SWIFT’s new alliance is a continuation of the efforts begun last year with American professional services company Accenture. That collaboration succeeded in creating a cross-border transaction between a CBDC network and “an established real-time gross settlement system.” “If the experiments are successful, it will demonstrate that SWIFT has the capability and technical components to interlink different networks,”
SWIFT head of innovation Nick Kerigan said. “This would help solve a huge technology and industry challenge facing CBDCs. And it could enable us to help central banks make their own CBDC networks cross-border payment ready.”
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