SWIFT to Begin Bank Trials of Digital Asset Transactions in 2025
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Society for Worldwide Interbank Financial Telecommunication (SWIFT) announced on Thursday that banks in North America, Europe, and Asia will begin live trials of digital asset transactions on its network by 2025.
Exciting news! Starting next year, financial institutions from around the world will start trialling live digital asset and currency transactions on the Swift network.
This marks an important milestone in our journey to enable banks to transact interchangeably across both… pic.twitter.com/70BxOMoBpT
The trials will test the effectiveness of using digital assets for various financial transactions, including payments, foreign exchange, securities, and trade, across different ledgers.
According to a press release from SWIFT on October 3, the first phase of the digital asset transactions trial will focus on payments, foreign exchange, securities, and trade, allowing payments to be processed across multiple ledgers.
This experimental phase intends to assess how effectively digital assets can be used alongside traditional currencies in real-world applications.
Tom Zschach, SWIFT’s Chief Innovation Officer, emphasized the importance of ensuring that digital currencies integrate smoothly with established financial systems to ensure their global success.
This trial represents SWIFT’s latest blockchain-related advancement for the global banking network.
Earlier this year, SWIFT participated in Project Agorá, a collaboration led by the Bank for International Settlements (BIS) that explores tokenization to address inefficiencies in
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