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Swift Envisions Advanced Digital Transactions Through Interlinked Ledgers

September 12, 2024

Swift Envisions Advanced Digital Transactions Through Interlinked Ledgers

In an ambitious move to redefine digital asset transactions and payments, Swift has unveiled its vision to enhance these processes through its extensive global network. Swift aims to leverage advancements in ledger technologies, specifically targeting multi-ledger capabilities for Delivery-versus-Payment (DvP) and Payment-versus-Payment (PvP) functionalities on its secure platform. This initiative comes as a response to the challenges posed by the absence of regulated on-chain cash, providing a much-needed solution for seamless, secure, and efficient digital transactions.

As the European Central Bank (ECB) embarks on trials for wholesale Distributed Ledger Technology (DLT) settlement, including connections to traditional payment systems and exploring the use of wholesale Central Bank Digital Currencies (CBDCs), Swift’s strategy aligns with these pioneering efforts. To kickstart this initiative, Swift is exploring the possibility of settling tokenized assets using fiat currencies. Recognizing the evolving landscape of digital currencies, Swift plans to eventually incorporate CBDCs or tokenized deposits as they gain wider acceptance and mainstream adoption. This phased approach not only demonstrates Swift’s foresight but also its commitment to gradual, yet impactful, integration of new technologies.

Interlinking Blockchain Networks for Greater Financial Inclusion

Swift has boldly announced plans to revolutionize digital asset transactions and payments using its extensive global network. By leveraging advances in ledger technologies, Swift aims to facilitate multi-ledger capabilities for Delivery-versus-Payment (DvP) and Payment-versus-Payment (PvP) functionalities on its secure platform. This initiative addresses the challenges posed by the lack of regulated on-chain cash, aiming for seamless, secure, and efficient digital transactions.

In parallel, the European Central Bank (ECB) is conducting trials for wholesale Distributed Ledger Technology (DLT) settlement, integrating traditional payment systems and investigating the use of wholesale Central Bank Digital Currencies (CBDCs). Swift’s vision aligns closely with these innovative efforts. To kickstart its initiative, Swift is exploring the feasibility of settling tokenized assets using fiat currencies. Recognizing the evolving role of digital currencies, Swift has plans to eventually encompass CBDCs or tokenized deposits as their acceptance grows. This phased strategy underscores Swift’s foresight and commitment to the gradual but transformative integration of new technologies into their platform.

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