SWIFT the Global Payment Giant Unveils Plan to Integrate Digital Assets and Currencies
What is SWIFT?
SWIFT is a global network used to transfer funds, not a settlement nor a clear system. Yes, they learned how to digitally transfer money decades ago. Now they are pivoting to the next phase of digital money offerings...
SWIFT Goals for short-term future
Currently, they are working on plans to integrate tokenized forms of money like CBDCs and digital assets upon its existing global network. A natural evolution from THE global leader. Makes sense.
SWIFT's Digital Asset integration implementation will arrive in phases:
Phase 1 - to eliminate digital asset islands. Ah yes, the glaring problem in the crypto realm today, high costs and no interoperability across the projects. I like it. SWIFT plans to integrate both public and private blockchain access. Bringing simplicity to existing blockchains!
Phase 2 - multi-ledger transactions which will integrate with CBDCs
No timeframes were released. I will try to stay on top of this info and report it in a timely manner
How large is the scale of this SWIFT innovation?
Think 20+ Countries, 11,000+ Banks will all soon transact with digital currencies. So its massive!
Reader Alert
The Boiling Frog scenario, drip by drip they are bringing the CBDC system out, slow and steady. While everyone is distracted with their own version of escapism or just trying to survive in todays rampant Inflation world. CBDCs mean full control for them and none for you.
Recall back in Sept '22 I wrote a blog piece called Chainlink helping SWIFT build token infrastructure.
Makes me wonder how much of Chainlink's work is SWIFT utilizing for this new adventure?
What you should know about the SWIFT System
Russia builds SWIFT Replacement System
Is ISO 20022 a replacement for SWIFT?
Summary
Regardless, if you are keeping up or not the world is marching towards CBDC implementation and their use and SWIFT feels like the de facto winner at this point.
Credit - Blog pic - SWIFT all rights remain