- SWIFT’s Swift Go platform has grown in popularity, with over 600 banks joining, of which 400 are already operational.
- SWIFT has entered a new phase of its central bank digital currency (CBDC) interoperability experiment, with three central banks, including the Hong Kong Monetary Authority and the National Bank of Kazakhstan, beta testing its CBDC interconnection solution.
SWIFT, the global payments network offering cross-border transactions, is making bold moves into the world of blockchain-based transactions.
Cross-border payments have received a lot of attention in the global transactions landscape, with the ecosystem expected to reach a value of approximately $250 trillion by 2027. Tanja Haase, head of Swift Go, recently discussed the expectations of consumers and small and medium-sized businesses. (SME) during cross-border money transfers.
– Swift (@swiftcommunity) September 21, 2023
In a survey of 4,000 consumers and SMEs across eight key markets, it was observed that banks remain the preferred choice of many as a ‘first point of call’. This preference is attributed to the high level of trust customers place in their processes and security. However, some participants admitted to using alternative methods.
The survey found that the main factors that motivate those considering alternative options are speed, user-friendliness and transparency. Haase also mentioned that Swift was actively exploring ways to support the community. Swift Go initially had around 400 banks integrated into the service last year. In one year, more than 600 banks have joined, of which 400 are already operating on the platform.
SWIFT and CBDC
Swift has announced the start of a new phase in its Central Bank Digital Currency (CBDC) interoperability experiment, with three central banks is now entering the beta testing phase of this revolutionary solution.
In an effort to address the global interest in CBDCs, Swift is committed to improving their interoperability. Three central banks, including the Hong Kong Monetary Authority (HKMA) and the National Bank of Kazakhstan, are at the forefront of beta testing Swift’s innovative CBDC interconnection solution.
This milestone comes after the initial sandbox testing phase, which brought together an impressive roster of over 18 participants. Over a 12-week period, the sandbox facilitated more than 5,000 transactions, involving leading institutions such as Royal Bank of Canada, Société Générale, Banque de France, BNP Paribas, HSBC, Autorité Bank of Singapore, the Deutsche Bundesbank and NatWest, among others. The program is expected to expand to encompass more than 30 leading institutions.
Ripple and Stellar join the CBDC bandwagon
In a collaborative effort to drive the transformation of the global payments system, Swift has partnered with Ripple and Stellar. Ripple’s XRP is renowned for its ability to accelerate international transactions, surpassing traditional financial systems in terms of speed. Stellar is also dedicated to facilitating fast and profitable transactions, with a particular focus on its distinctive interoperability feature that sets it apart from other blockchains.
What sets the Stellar network apart from other blockchains is its remarkable interoperability. Through regulated financial institutions called anchors, the Stellar network can collaborate seamlessly with other blockchains and with conventional financial infrastructure. These anchors also have the ability to issue assets and facilitate entry and exit points to and from the Stellar network.
In a significant development, Ripple recently forged a strategy Partnership with global e-commerce giant Amazon. This collaboration involves the integration of XRP into Amazon’s payment operations, marking a notable step forward in the adoption of the cryptocurrency.
- Invest in Ripple (XRP) and over 70 cryptocurrencies and 3,000 other assets.
- 0% commission on stocks – buy in bulk or just a fraction from just $10.
- Automatically copy the best performing traders in real time.
- Regulated by financial authorities, including the FCC and FINRA.
2.8 million users
Crypto News Flash does not endorse and is not responsible for the content, accuracy, quality, advertising, products or other materials on this page. Readers should do their own research before taking any action related to cryptocurrencies. Crypto News Flash shall not be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with use of or reliance on any content, goods or services mentioned.