{"id":591069,"date":"2023-09-14T00:32:10","date_gmt":"2023-09-13T21:32:10","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/swift-enrolls-3-central-banks-in-cbdc-interoperability-beta-test-expands-sandbox\/"},"modified":"2023-09-14T00:32:10","modified_gmt":"2023-09-13T21:32:10","slug":"swift-enrolls-3-central-banks-in-cbdc-interoperability-beta-test-expands-sandbox","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/swift-enrolls-3-central-banks-in-cbdc-interoperability-beta-test-expands-sandbox\/","title":{"rendered":"# SWIFT enrolls 3 central banks in CBDC interoperability beta test, expands sandbox"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=840\/https:\/\/s3.cointelegraph.com\/uploads\/2023-09\/d94ca1ad-2ba7-4399-8202-a1374f1fc0e4.jpg\" \/><\/p>\n<p itemprop=\"description\" class=\"post__lead\" data-v-281e09ba> The bank messaging network has seen a dramatic increase in processing speed and is developing <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> to connect CBDCs.  <\/p>\n<p><\/p>\n<div class=\"post-content\" data-v-281e09ba>Three central banks have joined the beta phase of bank messaging platform SWIFT\u2019s central bank digital currency (CBDC) interoperability project, the company announced Sept. 13. It has also entered a new phase of sandbox testing, it said.<\/p>\n<p>The Hong Kong Monetary Authority, the Central Bank of Kazakhstan and an unnamed central bank have integrated their infrastructure with SWIFT\u2019s \u201cCBDC connector solution\u201d for direct testing, the company <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.swift.com\/news-events\/press-releases\/swift-advances-cbdc-innovation-interlinking-solution-begins-beta-testing\">said<\/a>.<\/p>\n<p>The first phase of sandbox testing began in March with a lineup of over 18 participants, including Royal Bank of Canada, Banque de France, Soci\u00e9t\u00e9 G\u00e9n\u00e9rale, BNP Paribas, Monetary Authority of Singapore, HSBC, Deutsche Bundesbank and NatWest. The sandbox had over 5,000 transactions in the course of 12 weeks. Now, the number of participants will top 30.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Today&#8217;s <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Fintech?src=hash&amp;ref_src=twsrc%5Etfw\">#Fintech<\/a> Digest includes SWIFT beta testing interlinking <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/CBDC?src=hash&amp;ref_src=twsrc%5Etfw\">#CBDC<\/a> with existing fiat infrastructures, and Telegram integrating The Open Network (TON) based self-custodial crypto wallet into its 800 million active user messaging platform. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/37R1YAVtMC\">https:\/\/t.co\/37R1YAVtMC<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/HkaxqEzPKF\">pic.twitter.com\/HkaxqEzPKF<\/a><\/p>\n<p>\u2014 John Kiff (@Kiffmeister) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Kiffmeister\/status\/1702012172992385111?ref_src=twsrc%5Etfw\">September 13, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>SWIFT has created several projects involving CBDCs, including a wholesale CBDC project in conjunction with the New York Federal Reserve Bank using a regulated liability network. <\/p>\n<p><strong><em>Related: SWIFT says blockchain integration \u2018more plausible\u2019 than unifying CBDCs<\/em><\/strong><\/p>\n<p>SWIFT messaging connects over 11,500 financial institutions worldwide. It has an uncomfortable relationship with CBDCs because the new technology could compete with it in many circumstances. The various CBDC bridging projects supported by the Bank for International Settlements are examples of this potential. Competition breeds innovation, though. <\/p>\n<p>SWIFT <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.swift.com\/news-events\/press-releases\/swifts-cross-border-payments-processing-speed-surpasses-g20-target\">announced<\/a> in August that 89% of the transactions it accommodates are processed within an  hour, surpassing the G20\u2019s goal of 75% one-hour settlements by 2027. Moreover, 84% of transactions on the network \u201care conducted directly or with a single inter<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>ry.\u201d However, it noted that, in practice, only 60% of wholesale payments are concluded in an hour due to regulatory controls, working hours and batch processing. <\/p>\n<p><strong><em>Magazine: Decentralized identity: Proving it\u2019s really you in the 21st Century<\/em><\/strong><\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/swift-enrolls-3-central-banks-cbdc-interoperability-beta-test-expands-sandbox\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The bank messaging network has seen a dramatic increase in processing speed and is developing technology to connect CBDCs. Three central banks have joined the beta phase of bank messaging platform SWIFT\u2019s central bank digital currency (CBDC) interoperability project, the company announced Sept. 13. It has also entered a new phase of sandbox testing, it&#8230;<\/p>\n","protected":false},"author":1,"featured_media":591070,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDkvZDk0Y2ExYWQtMmJhNy00Mzk5LTgyMDItYTEzNzRmMWZjMGU0LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75046,82570,74355],"class_list":["post-591069","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-cbdc","tag-swift","tag-adoption"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/591069","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=591069"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/591069\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/591070"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=591069"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=591069"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=591069"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}