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Global financial messaging platform SWIFT is testing cross-border linkages of central bank digital currencies amid the increasing interest in the sector.
Source: SWIFT
KBWB is down 0.54%, while IAT is down 0.65%.
SWIFT has partnered with Capgemini to look into linking domestic CBDCs for cross-border transactions, citing that this would be a “critical” next step to fully realize the potential.
The tests include the possible integration of CBDCs at a network level through the SWIFT platform, regardless of the technology. It is looking if interlinking would provide a “highly scalable and easily integrated solution.”
SWIFT Chief Innovation Officer Thomas Zschach believes the current fragmentation could lead to “digital islands” across the globe should it be left addressed, as CBDCs will have to work together efficiently.
Capgemini Chief Technology & Innovation Officer Sudhir Pai noted that the navigation of decentralization is “complex” with several tech choices, operating models, and policy considerations.
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