Hong Kong Central Bank (HKMA), the National Bank of Kazakhstan and an unnamed central bank, have begun beta testing of a cross-border payment solution using CBDC, led by the Financial Telecommunications Association. Interbank Government (SWIFT) implemented.
According to an announcement on September 13 , SWIFT has officially launched the second phase of the CBDC Sandbox Project, with the important goal of exploring the possibility of integration between different types of CBDC in the cross-border payment process. gender. The beta version of this solution will be tested through the infrastructure of the three central banks mentioned.
In addition, SWIFT has significantly expanded the list of commercial banks participating in the project. If initially 18 international financial institutions participated, this number increased to 30 in the second phase . The list of new participating banks includes Continuous Linked Settlement Bank (CLS), Deutsche Bundesbank, Bank of Thailand and many others. These organizations will continue to simulate transactions using CBDC in a secured environment, with the goal of testing their feasibility across various blockchain networks and fiat payment systems.
The second phase will also test additional use cases for CBDC, including activation-based payments for digital commerce platforms; foreign currency swap model; delivery versus payment transactions and liquidation savings mechanisms.
According to Tom Zschach, Principal Innovation Manager at SWIFT, the current testing and research phase will help refine the development infrastructure, thereby making the project as efficient and scalable as possible. He emphasized that integration between CBDCs and tokenized assets is an important priority to minimize the risk of market Shard , once these financial instruments are introduced.
SWIFT began experimenting with CBDC more than 18 months ago and has been successful in creating compatibility between different CBDC projects.
