SWIFT, Capgemini team up to test using the international network for CBDC tra...
The bank messaging service, which dates back to the 1970s, is looking to connect CBDCs to each other and to traditional currencies as it tries to stay up to date. The Society for Worldwide Interbank Financial Telecommunication, or SWIFT, the Belgian financial messaging network used by banks in international money transfers, announced Thursday that it is teaming up with French IT company Capgemini to conduct experiments with cross-border central bank digital currency (CBDC) payments. This is SWIFT’s second research project on CBDC.SWIFT and Capgemini are testing ways to link multiple CBDC....
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The well-known global financial messaging service, SWIFT, is set to test the Central Bank of Digital Currency (CBDC) by interlinking several CBDC networks in order to execute cross-border payments. Besides currently linking financial institutions worldwide to communicate and execute financial payments, the Belgium-based network has approached consulting firm Capgemini and French information technology services to […]
SWIFT, the interbank payments protocol and messaging system, has announced it is working to connect the different central bank digital currency (CBDC) protocols in development today. The company has partnered with Capgemini, a digital services provider, making a series of experiments to ensure that the new set of CBDCs have cross-border payments and remittance capabilities.
SWIFT Set to Modernize Connection Systems
SWIFT, the bank and payments interconnection protocol, is working to bring its services to the upcoming group of central bank digital currencies. The member-owned....
"For CBDCs, our solution will enable central banks to connect their own networks simply and directly to all the other payments systems in the world through a single gateway," said chief information officer Tom Zschach. On Wednesday, the Society for Worldwide Interbank Financial Telecommunication, or SWIFT, announced that it has successfully moved central bank digital currencies (CBDCs) and tokenized assets on existing financial infrastructure through two separate experiments. According to SWIFT, the results demonstrated that "CBDCs can be rapidly deployed at scale to facilitate trade and....
The blockchain is transforming the way businesses are conducted across the world. What will be its effect on SWIFT, a legacy network for communication between banks that has lasted for 43 years? The Society for Worldwide Interbank Financial Telecommunication (SWIFT) was founded in 1973 and has provided financial institutions a means to exchange information about transactions in a secure environment. A majority of banks worldwide use the SWIFT network for international interbank messages. Why is SWIFT so successful? Prior to SWIFT, banks used telex for communications. Telex had inherent....
Capgemini has partnered with Ascribe to create a blockchain database solution built on BigchainDB. The consulting, technology and outsourcing services provider operates in more than 40 countries and employes around 180,000 people worldwide In a bid to continually improve its consulting services, it seems as though Capgemini has caught the blockchain bug. In November, the company published a report advising clients that financial service firms could “no longer afford to ignore blockchain tech.” Not long after that, in mid-April, Capgemini introduced a range of blockchain consulting services....