Banks in North America, Europe and Asia are going to take part in digital asset trials led by the Society for Worldwide Interbank Financial Telecommunication (SWIFT). SWIFT announced on October 3 that it will begin digital asset trials on its network in 2025. The trials will involve experiments with transactions involving multiple digital currencies and assets.
The trials aim to explore how the banking network can provide financial institutions with unified access to multiple digital asset classes and currencies. Initial use cases will focus on payments, foreign exchange, securities and trading to enable multi-ledger delivery-versus-payment and payment-versus-payment transactions.
In its announcement, SWIFT highlighted the rapid growth of unconnected platforms and technologies in the digital asset economy, which has led to a particularly fragmented landscape. According to SWIFT, this fragmentation poses significant barriers to global adoption, as it creates a complex network of digital islands. SWIFT Chief Innovation Officer Tom ZSCHACH noted that the banking organization is focused on developing real-world mass applications to connect new and “established forms of value.” He also emphasized SWIFT’s commitment to seamlessly transacting and tracking “all types of assets.”
Image: Finance Magnates
