Payment transactions

New SWIFT platform for digital central bank money

The global banking communications system SWIFT is planning to launch a new platform in the next one to two years to connect the digital central bank currencies currently under development with the existing financial system. "We have a roadmap for launch in the next 12 to 24 months," SWIFT innovation manager Nick Kerigan said on Monday.

"It's moving out of the experimental stage and becoming something that's a reality," Kerigan told Reuters in an interview.

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is responsible for the standardized transmission of messages for financial transfers and thus holds an important key position in the global financial system. According to previous information, around 11,500 financial institutions in more than 200 countries are connected to its communication network.

Almost all central banks around the world are considering the introduction of digital versions of their currencies. They are also responding to the threat of competition from cyber currencies from international technology companies and the rise of cryptocurrencies such as Bitcoin and Etherum. In 2020, the island state of the Bahamas was the first country in the world to officially introduce a digital version of its currency, the "Sand Dollar".