Today, Swift revealed its plans to begin testing real-time digital asset and currency transactions on its platform beginning next year. Financial institutions in North America, Europe, and Asia will soon have the capability to transmit and receive digital currencies through Swift's vast network, linking more than 11,500 financial entities worldwide.
According to the company, Swift's goal is to consolidate different currency platforms into one system, enabling financial institutions to easily carry out pilot transactions through their current Swift connections.
The trials will initially concentrate on payments, foreign exchange, securities, and trade scenarios, aiming to facilitate multi-ledger Delivery-versus-Payment (DvP) and Payment-versus-Payment (PvP) transactions.
The recent advancement represents a significant achievement in connecting traditional finance with the realm of digital assets. The trials aim to streamline transactions using both digital and traditional currencies, marking a substantial transition from past blockchain trials to practical real-world implementations.
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