(3 October 2022 – Europe) SWIFT and Capgemini have achieved CBDC-to-CBDC transactions between different distributed ledger technology (DLT) networks based on Quorum and Corda technologies, as well as fiat-to-CBDC flows between these networks and a real-time gross settlement system.
The experiment demonstrated that the blockchain networks could be interlinked for cross-border payments through a single gateway, and that SWIFT’s new transaction management capabilities could orchestrate all inter-network communication.
Fourteen central and commercial banks, including Banque de France, Deutsche Bundesbank, HSBC, Intesa Sanpaolo, NatWest, SMBC, Standard Chartered, UBS and Wells Fargo are now actively collaborating in a testing environment to accelerate the path to full scale deployment.
“We see inclusivity and interoperability as central pillars of the financial ecosystem, and our innovation is a major step towards unlocking the potential of the digital future. For central bank digital currencies (CBDCs), our solution will enable central banks to connect their own networks simply and directly to all the other payments systems in the world through a single gateway, ensuring the instant and smooth flow of cross-border payments” stated Tom Zschach, SWIFT Chief Innovation Officer.