Ripple’s Partner Accenture Writes Paper With SWIFT On CBDCs
Ripple’s partner Accenture, the technology and business consulting firm, has published a paper with SWIFT on the potential for central bank digital currencies (CBDC) payment solutions. Titled “Exploring central bank digital currencies: How they could work for international payments”, the paper claims there is surging interest for these types of assets. Accenture is a Fortune […]
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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....
A new report from SWIFT details the settlement network operator's plan to develop a distributed ledger application platform. The 20-page report, which was the result of research and development between SWIFT and professional services firm Accenture, includes new details on SWIFT’s proofs-of-concept focused on the technology. These include how it working on transaction settlement and identity management concepts that incorporate blockchain elements. Notably, the paper outlines SWIFT's intention to create "a distinctive [distributed ledger technology] DLT platform"....
Michael Miebach, CEO of Mastercard told an audience of blockchain executives that he expects SWIFT to phase out of existence in as little as five years' time. Mastercard CEO Michael Miebach said on Tuesday that he does not expect SWIFT, one of the most widely used platforms for cross-border fiat transactions, to exist in five years' time. Miebach was speaking at a panel session on central bank digital currencies (CBDCs), as part of the Global Blockchain Business Council (GBBC)’s Blockchain Central Davos conference, which ran adjacent to the World Economic Forum 2022 in Davos,....
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....
Bank of America, Santander and the Royal Bank of Canada have today announced they’ve joined forces to create a global blockchain payments network using Ripple’s distributed ledger technology. UniCredit, Standard Charted and the Westpac Banking Corporation have also joined the effort, which seeks to form the foundation of a global network that performs a similar service as SWIFT inter-bank messaging but with near-instant settlement times. Canadian bank CIBC is also participating. Fundamental to the Global Payments Steering Group’s early mission is the creation and maintenance of a payments....