While a great number of Central Banks throughout the world are looking into the possibilities of Central Bank Digital Currencies (CBDCs), the Society for Worldwide Interbank Financial Telecommunications has specified how the individual CBDCs could be utilized internationally.
As mentioned by SWIFT’s head of innovation Nick Kerigan, 14 central and commercial banks, which are Central Banks of France and Germany, HSBC, Standard Chartered and UBS took part in the trial where they examined how these organizations are coordinated in a single hub.
The trial is going to undergo a thorough testing in the following months with further prospects being investigated.
SWIFT is a huge messaging network used by banks for quick and secure cross-border money transfers. The study of overseas transaction capabilities of CBDCs which lasted 8 months showed that a single workable association is sufficient to store individual e-fiat money together.
The idea of the whole blueprint is that the majority of central banks are striving to supply people, organizations and businesses with CBDCs within its jurisdiction. And the solution which is quick and secure with access to a vast number of countries is highly welcomed.
