SWIFT, the global bank messaging network, is gearing up to introduce a new platform within the next one to two years. This platform aims to bridge the gap between the emerging trend of central bank digital currencies (CBDCs) and the current financial system. Given SWIFT’s pivotal role in global banking, this initiative holds significant importance for the evolving CBDC ecosystem. The anticipated launch, likely synchronized with the introduction of major CBDCs, is poised to stimulate greater interest in digital iterations of conventional currencies. While approximately 90% of the world’s central banks are exploring CBDC options, many encounter intricate technological challenges along the way.

Swift, owned by the community of financial institutions that use it and has a reputation for reliability, has been a quiet player in this arena but is betting big on its prospects. Its network spans 200 countries and connects around 11,500 banks that send trillions of dollars daily. The company has made several efforts to increase transparency and accountability in recent years, including setting up an oversight body responsible for the firm’s strategic direction.

SWIFT has already been working on blockchain-based payments, a new protocol designed to make international transfers faster and cheaper. It also has a new version of its existing platform that can pre-validate key information, helping to reduce errors and fraud. SWIFT has also been experimenting with a service called Swift gpi that aims to speed up cross-border payments.

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The new platform uses blockchain technology to allow banks to trade CBDCs and tokenized assets in real time, reducing costs and making trading more efficient. It can also facilitate the atomic delivery versus payment process (a technique that sees goods or securities delivered and noted on a blockchain, automatically triggering payments so that money never changes hands before they are transferred) and the interoperability between different CBDCs.

The company has been testing its new platform for six months in collaboration with 38 central banks, commercial banks, and settlement platforms. The trials’ results will help it decide when to take its project out of the experimental stage and into production. It aims to have the new platform up and running within the next 12-24 months, though the timeframe could be subject to tweaks depending on CBDC launch schedules.

While the company has made a good start with its CBDC initiatives, it must overcome a few hurdles to become a key player. Most importantly, it must convince central banks that a digital version of their currency makes sense for them. That will require convincing them that the new platform’s efficiencies are worth the cost of the investment in technology and integration work. For the moment, most of that will have to be done in the sandbox, with several CBDC pilot projects currently underway.