The post SWIFT Unveils New Infrastructure to Streamline Tokenized Asset Transfers appeared on BitcoinEthereumNews.com.

Swift has revealed plans to support the settlement of digital asset transactions via its global interbank messaging service. It’s also exploring how to enable the settlement of tokenised assets, which would also expand to support CBDCs when the major economies eventually launch them. Digital assets, CBDCs and other forms of tokenised currencies have long been touted to be the end for Swift, the global interbank messaging service that the world has relied on for five decades to transfer value between borders. However, Swift has been working on repositioning itself to avoid its demise, and this week, it unveiled new infrastructure to support the transfer and settlement of crypto, tokenised assets and CBDCs. In its announcement, Swift said that its new infrastructure would enable its members to “transact interchangeably with regulated digital assets and currencies on the Swift network.” We’re paving the way towards real-world solutions that will enable our members to transact interchangeably with regulated #DigitalAssets and currencies on the Swift network. 👉 Discover what’s next on this exciting journey: https://t.co/SUwRPAtcdg#DigitalCurrencies #innovation pic.twitter.com/SPn0caIHgJ — Swift (@swiftcommunity) September 11, 2024 In an accompanying blog post, Swift said it’s out to solve the challenge of emerging private islands created by divergent technologies and regulatory environments. These digital islands disproportionately affect institutional investors who are unable to scale their operations while dealing with multiple tokenization platforms. This challenge will also become a major impediment to the rise of CBDCs as each country will operate its own digital currency on its technology. Can Swift Survive in a Digital Asset World? Swift’s new infrastructure will enable interoperability for CBDCs, crypto and other emerging tokenised assets, allowing global banks to transact interchangeably between all these assets. The platform, which boasts over 11,000 global banks as members, intends to enable “multi-ledger Delivery-versus-Payment (DvP) and Payment-versus-Payment (PvP).” In…

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Filed under: News - @ September 13, 2024 9:22 am