{"id":84501,"date":"2023-09-14T13:35:52","date_gmt":"2023-09-14T10:35:52","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=84501"},"modified":"2025-09-12T17:45:02","modified_gmt":"2025-09-12T14:45:02","slug":"three-central-banks-join-swifts-cbdc-compatibility-pilot","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/three-central-banks-join-swifts-cbdc-compatibility-pilot\/","title":{"rendered":"Three central banks join SWIFT&#8217;s CBDC compatibility pilot"},"content":{"rendered":"<p>The international cross-border payments system SWIFT <a href=\"https:\/\/www.swift.com\/news-events\/press-releases\/swift-advances-cbdc-innovation-interlinking-solution-begins-beta-testing\">connected<\/a> the central banks of three countries to the second phase of pilot testing for the interoperability of traditional systems with <a href=\"https:\/\/forklog.com\/en\/news\/what-is-a-central-bank-digital-currency-cbdc\">CBDC<\/a>.<\/p>\n<p>The participants include the Hong Kong Monetary Authority, the National Bank of Kazakhstan, and another unnamed regulator. They have already integrated the infrastructure solution for direct transaction testing.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;We are focused on interoperability issues \u2014 ensuring that new digital currencies can coexist seamlessly with each other, as well as with cash and payment systems,&#8221; SWIFT said.<\/p>\n<\/blockquote>\n<p>In parallel, testing in a sandbox will begin, during which regulators, commercial banks and market infrastructure participants will explore additional CBDC use cases, including <a href=\"https:\/\/www.ledgerinsights.com\/bundesbank-why-it-prefers-trigger-payments-to-token-based-wholesale-cbdc\/\">trigger payments<\/a> for digital trading platforms, currency-exchange models, delivery and settlement mechanisms, and liquidity provision.<\/p>\n<p>In the expanded pilot group are the Reserve Bank of Australia, Deutsche Bundesbank, <span data-descr=\"Hong Kong Monetary Authority\" class=\"old_tooltip\">HKMA<\/span>, the Bank of Thailand, the CLS payment system and others.<\/p>\n<p>In May 2022, SWIFT <a href=\"https:\/\/forklog.com\/en\/news\/swift-to-test-cbdc-interoperability-in-cross-border-payments\">announced<\/a> interoperability testing across different CBDC platforms for cross-border payments. In the first phase, about 5,000 transactions were conducted between two blockchains and existing payment systems.<\/p>\n<p>In September of the same year, the operator, together with the Chainlink decentralized oracle network, agreed to develop a mechanism that would allow traditional financial institutions <a href=\"https:\/\/forklog.com\/en\/news\/chainlink-and-swift-to-develop-cross-chain-transaction-solution\">to conduct cryptocurrency transfers<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The international cross-border payments system SWIFT connected the central banks of three countries to the second phase of pilot testing for CBDC interoperability.<\/p>\n","protected":false},"author":1,"featured_media":84502,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1095,809,116],"class_list":["post-84501","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cbdc","tag-central-banks","tag-swift"],"aioseo_notices":[],"amp_enabled":true,"views":"25","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/84501","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=84501"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/84501\/revisions"}],"predecessor-version":[{"id":84503,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/84501\/revisions\/84503"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/84502"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=84501"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=84501"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=84501"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}