Swift has stated its commitment to developing a beta version of its CBDC connector solution after the first iteration of sandbox testing. As per the press release, participants are recognising the solution’s potential and possible value. The beta solution has taken its next step, with three central banks and monetary authorities, including the Hong Kong Monetary Authority (HKMA) and the National Bank of Kazakhstan, integrating the solution with their infrastructure for direct testing. Furthermore, Swift has also begun its second phase of sandbox testing with commercial banks, central banks, and financial market infrastructures exploring additional use cases. These include trigger-based payments for digital trade platforms, foreign exchange models, delivery vs. payment, and liquidity-saving mechanisms. Swift has stated that The Reserve Bank of Australia, Deutsche Bundesbank, HKMA, Bank of Thailand, and CLS are among the group of more than 30 institutions in this second phase.
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