Nick Kerigan: SWIFT will unite the banking system and digital currency platforms of central banks
The global SWIFT banking messaging network has announced plans to launch a new platform where central banks from different countries will be able to use their digital currencies (CBDC) for transfers in the existing international financial system.
Nick Kerigan, head of SWIFT's innovation department, said that the launch of the new platform will be timed to coincide with the entry into the interbank market of the first CBDC of large state financial organizations. The new unified platform may begin its work in the next couple of years.
"SWIFT's tests have demonstrated the potential of using central banks' digital currencies in complex banking transactions, as well as CBDC's capabilities to automate information exchange and reduce costs. The roadmap of the project provides for the transition of the new platform from the experimental stage to commercial operation in about 12-24 months," explained Nick Kerigan.
SWIFT is working with major players in the global financial ecosystem to implement the new platform. The specialists of the payment system are testing the capabilities of the SWIFT GPI cloud service, API for managing end-to-end transactions, data verification services and fraud detection.
"We want payments and transactions with CBDC to be instant, simple and transparent, with end-to-end integrity and global reach. Therefore, over the coming years, we will work to ensure uninterrupted, unhindered and instant payments from one account to another anywhere in the world," promised the SWIFT top manager.
