The trial digital transactions on Swift will start in 2025. This will include banks in Europe, Asia, and North America.
SWIFT, the Society for Worldwide Interbank Financial Telecommunications, announced that it will begin trialing digital transactions on Swift in 2025. This move will integrate cryptocurrencies into global finance.
The trials will involve banks in Europe, Asia, and North America, and will mark a significant step in SWIFT's efforts to enable banks to transact seamlessly across both traditional and digital asset markets.
According to SWIFT, the trials will cover a range of use cases, including cross-border payments, treasury flows, and trade finance. The trials will also explore the integration of tokenized assets and central bank digital currencies (CBDCs) into the Swift network.
“We are excited to announce that starting next year, financial institutions from around the world will begin trialling live digital asset and currency transactions on the Swift network,” SWIFT announced in a statement on Monday.
“This marks an important milestone in our journey to enable banks to transact interchangeably across both traditional and digital markets, offering new possibilities for efficiency, speed, and transparency in global payments.”
The trials will be conducted using Swift's gpi technology, which is already used by over 500 banks to process cross-border payments. Swift gpi payments are typically faster, cheaper, and more transparent than traditional cross-border payments.
SWIFT has already been working on several initiatives to integrate digital assets into its network. In September, the organization announced a collaboration with Project Agorá, a technology initiative focused on CBDCs.
“We are also working closely with the digital financial sector, to integrate their initiatives into our own, and to ensure that we are collectively meeting the evolving needs of the industry,” SWIFT added.
“Together, we are building a future where both traditional and digital assets can be efficiently and securely moved across borders, offering new possibilities for global trade and economic development.”