• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Markets Currencies
Adapt or Die: Why CBDCs have changed the future of banking

SWIFT to test Central Bank Digital Currencies for international transfers

Olumide AdesinabyOlumide Adesina
1 year ago
in Currencies, Financial Services
Share on FacebookShare on TwitterShare on Linkedin

Bank messaging service, SWIFT, which dates back to the 1970s, is working to connect CBDCs such as eNaira to one another, as well as to traditional currencies as it attempts to stay current.

It has been announced Thursday that SWIFT has teamed up with French IT company, Capgemini to test cross-border central bank digital currency (CBDC) payments as part of a new study. SWIFT is the Belgian network used by banks in international money transfers. This is the second project undertaken by SWIFT on CBDC.

“Capgemini and SWIFT are working together to develop a proof of concept to link a variety of CBDC networks along with other traditional currency networks. Globally, most central banks are creating CBDCs, ‘with a number of banks using different technologies, standards, and protocols’ for their digital currencies,” SWIFT’s chief innovation officer Thomas Zschach said.

  • As indicated in the company’s statement, the company will develop a gateway that will intercept, translate, and send domestic CBDC transactions to SWIFT for onward transmission. It will rely on existing SWIFT protocols, authentication models, and infrastructure. Over 11000 financial institutions are linked within 200 countries through SWIFT.
  • The new alliance is a continuation of the efforts SWIFT began with Accenture last year. As a result of that collaboration, a CBDC network and RTGS system were able to conduct a cross-border transaction.
  • The experiments will demonstrate that SWIFT has the capability and the technical components to link different networks if they are successful.
  • SWIFT’s head of innovation Nick Kerigan said, “This would help CBDCs address a major industry problem. We can also assist central banks with making their own CBDC networks capable of cross-border payments.”

The SWIFT network processed 42 million messages every day last year, but transactions can take several days to process. As part of the international economic order, it tries to maintain its relevance, particularly in relation to CBDCs.

Some developers predict CBDCs will interact outside the traditional network, possibly using Ripple’s (XRP).


Download Nairametrics App for breaking news and market intelligence.
   
Tags: CBDCSWIFT
Olumide Adesina

Olumide Adesina

Olumide Adesina is a financial market journalist and investment trader. Message Olumide on Twitter @tokunboadesina

Comments 1

  1. chukwuka asugha says:
    May 20, 2022 at 10:33 am

    Wow that will be great if they can do that,as for ripple that will boost the market growth,which will boost investment,am really thinking of buying that altcoin now that it is low.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *







NM newsletters
Kwakol
Abbey
IMT

Zenth Bank
UBA
Mega Millions

Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

Recent News

  • MAN tells FG, States to harmonize multiple taxes  
  • Oando partners government for sustainable transport initiative in Nigeria’s most populous city
  • Security agents discover 4-inch illegal line on Amuekpe-Escravos line  

Follow us on social media:

Recent News

 FCT-IRS warns contractors in Abuja not to remit withholding tax to wrong tax jurisdiction

MAN tells FG, States to harmonize multiple taxes  

September 27, 2023
Oando Plc, E

Oando partners government for sustainable transport initiative in Nigeria’s most populous city

September 27, 2023
  • Download Nairametrics iOS App
  • Download Nairametrics Android App
  • Contact Us
  • Home
  • Exclusives
  • Markets
  • Industries
  • Economy
  • Business News
  • Financial Literacy
  • Opinions

© 2023 Nairametrics

No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
  • Login
  • Sign Up

© 2023 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In