The operator of the international interbank information transfer system SWIFT will test the compatibility of various platforms CBDC when making cross-border payments.

“Ensuring interoperability and interoperability among the various CBDCs in development around the world will be critical to realizing their potential. “Today, the global CBDC ecosystem risks fragmenting as central banks develop their own digital currencies based on different technologies, standards and protocols.”

In 2021, the company conducted a series of successful experiments on the interoperability of CBDC with existing payment systems based on messaging between banks.

In a new phase, SWIFT is collaborating with the consulting firm Capgemini. Regardless of their technology, the partners will test their ability to connect CBDC platforms to each other and to existing systems at the network level.

In experiments, companies create a gateway that blocks cross-border transactions and sends them to the SWIFT platform for further transfer to a traditional payment structure or other CBDC network.

“If the experiments are successful, it will show that SWIFT has the capabilities and technical components to connect the disparate networks. This will help solve a huge technology and industry problem facing CBDCs. And it will be central banks’ own digital currency for cross-border payments. will enable us to help them prepare their networks,” said Nick Kerigan, head of innovation at SWIFT.

The company said they were “making good progress” in testing. SWIFT will publish a report on the work in the near future.

Remember, in March BIS The Reserve Bank of Australia, together with Malaysia, Singapore and South Africa, has completed an experiment on the use of CBDC in cross-border settlements. Meanwhile, the partners created two prototypes of a digital currency platform.

A BIS study published in May showed that 90% of central banks are investigating CBDCs. Most regulators prioritize projects that focus on retail use cases.