SWIFT plans to launch CBDC platform in 2025-26 – key information

• SWIFT intends to launch a platform for connecting central banks’ digital currencies (CBDCs) in the next 1-2 years, responding to the growing importance of CBDCs.
• The company has conducted tests with 38 central banks, focusing on ensuring interoperability between different CBDCs.
• The Bank for International Settlements (BIS) is also researching CBDCs, developing tools for cross-border payments and studying payment privacy.
• Implementing technology solutions for CBDC integration is key to global payment harmonization.
• SWIFT’s and BIS’ CBDC initiatives promise to further develop digital finance in the coming years.

According to a recent Reuters report, SWIFT, the global communications network used by banks and financial institutions, intends to implement a new platform for linking central banks’ digital currencies (CBDCs) within the next one to two years. Nick Kerigan, SWIFT’s head of innovation, confirmed the plans, highlighting the growing importance of CBDCs against the backdrop of the global race to introduce digital currencies.

SWIFT’s path toward CBDCs

SWIFT has conducted a recent test of its new platform, involving 38 central banks, commercial banks and clearing platforms. The tests focused on ensuring that different CBDCs can interact with each other, even if they use different technologies, to reduce the risk of fragmentation in the payment system. Kerigan explained that the company plans to productize the platform over the next 12-24 months, moving from the experimental stage to implementing specific solutions.

Bank for International Settlements (BIS) CBDC plan

The Bank for International Settlements (BIS) is also working hard on CBDC-related projects. The „Aurum” project focuses on studying payment privacy in retail CBDCs, while the „mBridge” project aims to create a common platform for multiple CBDCs for cross-border wholesale payments. The BIS and several central banks have already conducted successful tests of cross-border payments for wholesale CBDCs, demonstrating the dynamic development in digital finance.

Summary

SWIFT’s initiative toward a CBDC platform and the work of the Bank for International Settlements on various projects related to digital central currencies testify to the growing importance of this field in the financial world. The implementation of technological solutions that will enable the integration and cooperation of various CBDCs is a key step towards the global harmonization of payment systems.