Swift enters the era of digital currencies – results of CBDC phase two tests

Swift Announces Results of Phase Two CBDC Testing

Swift – an organization providing payment services – has demonstrated its advanced technology by announcing the results of phase two tests involving central bank digital currency (CBDC) integration.

Purpose and Scope of the Tests

The aim of the conducted experiments was to ensure interoperability across various financial institutions. An impressive total of 38 institutions participated, including central banks, commercial banks, and market infrastructures.

Swift’s Solution Potential

The test results confirmed that the solution proposed by Swift has significant potential. Financial institutions can conduct a variety of transactions using CBDC and other forms of digital tokens, greatly facilitating the functioning of the financial market.

Results and Development Prospects

Swift’s testing represents one of the key partnerships in the CBDC field. Participants from different financial sectors showed substantial interest in this solution. Over 750 transactions were conducted, and the next testing phase focused on analyzing more advanced use cases.

Swift’s solution enables cross-border transfers, linking CBDC with various networks and fiat currencies.

Testing Participants

A range of financial institutions worldwide took part in the experiments, including central banks and representatives from commercial markets. Participants included entities such as ANZ, Citibank, CLS Group, Deutsche Bank, HSBC, and Standard Chartered.

Thanks to the engagement of such a diverse group of experts from around the globe, Swift is continuously improving its solutions, contributing to enhancing the functioning of financial markets worldwide.