Thu. May 23rd, 2024

SWIFT Plans To Connect CBDCs Like E-Naira For International Transfers.

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Global financial messaging, SWIFT, which carries over five billion financial instruction messages is working to connect CBDCs such as eNaira to one another, as well as to traditional currencies as it attempts to stay current.

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It has been announced Thursday that SWIFT has teamed up with French IT company, Capgemini to test cross-border central bank digital currency (CBDC) payments as part of a new study. SWIFT is the Belgian network used by banks in international money transfers. This is the second project undertaken by SWIFT on CBDC.

“Capgemini and SWIFT are working together to develop a proof of concept to link a variety of CBDC networks along with other traditional currency networks. Globally, most central banks are creating CBDCs, ‘with a number of banks using different technologies, standards, and protocols’ for their digital currencies,” SWIFT’s chief innovation officer Thomas Zschach said.

The SWIFT network processed 42 million messages every day last year, but transactions can take several days to process. As part of the international economic order, it tries to maintain its relevance, particularly in relation to CBDCs.

Some developers predict CBDCs will interact outside the traditional network, possibly using Ripple’s (XRP).

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