SWIFT Plans to Launch New Platform Connecting CBDCs to Existing Financial Systems

According to Foresight News, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) plans to launch a new platform within the next 1 to 2 years that will connect central bank digital currencies (CBDCs) currently under development to existing financial systems. The latest tests involve 38 central banks, commercial banks, and settlement platforms, with a focus on interoperability between different CBDCs. The trials also explore the potential of CBDCs for complex trade or foreign exchange payments and transaction automation to speed up processes and reduce costs. SWIFT is considering productizing the new platform within the next 12-24 months, aiming to transition from the experimental stage to reality.