SWIFT announcements or regional financial news reports

SWIFT to Trial Live Digital Currency Transactions Next Year, Full Implementation by 2025

Oct 3, 2024, 10:11 AM

Global bank messaging network SWIFT will trial live transactions of tokenised assets and digital currencies starting next year, with full implementation expected by 2025. This initiative will involve commercial and central banks globally, including those in North America, Europe, and Asia. The trials aim to facilitate real-money digital asset transfers and enhance institutional blockchain adoption. The move marks a significant milestone in integrating digital currencies into the financial system, with the first focus on payments, currency exchange, and trade. SWIFT, which connects 11,500 financial institutions and handles over 5 billion messages annually, will leverage these trials to enable banks to transact interchangeably across both traditional and digital assets.