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#SWIFT_TECHNOLOGY | LONDON, March 25 (Reuters) - Global bank messaging network SWIFT is planning a new platform in the next one to two years to connect the wave of central bank digital currencies now in development to the existing finance system, it has told Reuters.
The move, which would be one of the most significant yet for the nascent CBDC ecosystem given SWIFT's key role in global banking, is likely to be fine-tuned to when the first major ones are launched.
Around 90% of the world's central banks are now exploring digital versions of their currencies. Most don't want to be left behind by bitcoin and other cryptocurrencies, but are grappling with technological complexities.
SWIFT's head of innovation, Nick Kerigan, said its latest trial, which took 6 months and involved a 38-member group of central banks, commercial banks and settlement platforms, had been one of the largest global collaborations on CBDCs and "tokenised" assets to date.
It focused on ensuring different countries' CBDCs can all be used together even if built on different underlying technologies, or "protocols", thereby reducing payment system fragmentation risks.
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#BRICS_PAY_TECHNOLOGY: Is a joint venture between the five BRICS countries (Brazil, Russia, India, China and South Africa) that was launched in 2018 by the BRICS Business Council among the top priorities in the Annual Report. The team behind the venture consists of individuals from all five countries. This includes experts in payments, banking, technology, and other related fields. They are responsible for developing the platform, creating new features, and providing customer support. Additionally, the team is responsible for managing relationships with partners, governments, and other stakeholders.
BRICS PAY is a digital payments platform that is being jointly developed by the member countries of the BRICS (Brazil, Russia, India, China, and South Africa) economic bloc. BRICS PAY aims to enable digital payments between the different countries in BRICS PLUS format, allowing businesses and consumers to securely and seamlessly make and receive payments in their local currency. The platform is designed to reduce the cost and complexity of international payments, while also providing a secure and reliable way to pay for goods and services.
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