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.
CBDCs’ Interoperability
According to the official blog post, SWIFT stated that the cross-border use of CBDCs may have been a blind spot for this type of digital currency since it is developed mainly for implementing domestic policies. SWIFT’s Chief Innovation Officer Thomas Zschach, believes different systems of CBDCs need to work together for “frictionless” cross-border transactions, and SWIFT has a role in this.
“Facilitating interoperability and interlinking between different CBDCs being developed around the world will be critical if we are to fully realise their potential. Today, the global CB
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