The post Banks to leverage SWIFT in 2025 for efficient and faster token transactions appeared on BitcoinEthereumNews.com.

SWIFT announced that banks in North America (the U.S. and Canada), Europe, and Asia would embark on live digital assets and currency transaction trials over its network starting in 2025. The pilot, involving commercial and central banks, will demonstrate how the SWIFT connection handled the transactions of existing and emerging digital assets and currency types.     Tom Zschach, SWIFT’s chief innovation officer, disclosed that the messaging network intended to use its resilient and secure infrastructure to offer seamless execution and tracking of all asset transactions. A Celent and BNY Mellon survey revealed that over 90% of institutional investors were interested in tokenized assets. Another study by Standard Chartered and Synpulse predicted that the tokenized assets market could rise to $30 trillion by 2034 as 134 countries explored CBDCs (central bank digital currency). SWIFT is positioning to bridge emerging and existing asset classes  Commercial and central banks will be able to conduct live trials of digital-asset transactions on the Swift messaging network starting next year https://t.co/YNRcvrsW7S — Bloomberg (@business) October 3, 2024 Zscach claimed that digital assets and currencies must coexist with traditional money for global success. He added that SWIFT’s global reach uniquely positioned it to bridge emerging and established asset classes. During the 2025 trials, more focus was on demonstrating how this would work in real-world mainstream applications. According to BNY Mellon’s survey, 41% of institutional inventors held cryptocurrencies in their portfolios, while 15% planned to start in the next two years.  SWIFT declared that recent experiments had proved its ability to integrate multiple digital assets and currency networks, interlink CBDCs globally, and connect public and private blockchains. It added that the 2025 trials aimed at providing a single system for banks to transact fiat and digital currencies across borders.  Banque de France and the Hong Kong Monetary Authority…

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Filed under: News - @ October 3, 2024 4:28 pm