SWIFT will work on linking different CBDC systems to ease the difficulty in cross-border transactions since the digital currencies are mainly focused on resolving domestic uses.
The global provider of secure financial messaging services, SWIFT, is testing to interlink multiple domestic-based emerging CBDC networks for cross-border transactions. The Belgium-based network, which enables financial institutions to communicate with each other for global payments, has tapped the French information technology services and consulting company Capgemini for the move.
SWIFT’s Head of Innovation Nick Kerigan noted that as CBDCs will be increasingly perceived as “a new form of fiat currencies,” multiple such platforms paralleling the traditional payment system will be developed to integrate with the traditional financial infrastructure. The post also outlined the deployment of a gateway on a domestic central bank digital currency network as the main feature of this experiment:“The gateway will intercept cross-border transactions on the network, translate them, and send them to the SWIFT platform for onward transmission to another CBDC network or established payment system.”
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