VIDEO | As over 110 nations are considering central bank digital currencies, Swift recently concluded a successful sandbox project to enable frictionless global payments by integrating blockchain-based and traditional money networks. The PostTrade 360° Oslo conference saw Rachel Levi, Global Head of Innovation Engineering of Swift, present her organisation’s approach.
The 18 project participants included central banks such as France’s and Germany’s, and commercial banks like BNP Paribas, HSBC, and UBS.
Through 12 weeks, 5,000 transactions took place between the Quorum and Corda blockchain networks, and between Corda and a fiat currency. Up next is a second phase of sandbox testing, in which participants can collaborate further and explore new use cases, including in securities settlement (such as cross-asset exchange), trade finance, and conditional payments.
Note also this news about a parallel initiative by Swift, to explore general connectivity across a variety of blockchains – a project with several major banks and infrastructures among its stakeholders.
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• News around PostTrade 360° Oslo 2023, on 31 May, is gathered here.
• The conference info site, with detailed agenda, is here.
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