Trending

Stories

SWIFT, Accenture Publishes a Paper on Central Bank Digital Currencies in Cross-border Payments

Tidio Live Chat Software - Add Tidio live chat software to your website in minutes. Contact visitors and turn them into happy customers. Enhance their experience and boost your sales. Get it for Free

WP Rocket - WordPress Caching Plugin

Must Read

SWIFT and Accenture on Wednesday published a paper on central bank digital currencies (CBDCs) in cross-border payments as part of broader digital asset innovation to help the financial community prepare for the possibility of moving payments in new forms of currency internationally.

More than half the world’s central banks are actively exploring the use of CBDCs, a development that could lead to a profound change in the global payments ecosystem.

Also Read

The joint paper from SWIFT and Accenture explores the practicalities of such a shift – from how CBDCs would move across jurisdictions to integrating CBDCs into the mix of currencies that already exist – and details what is required for CBDCs to be a viable solution in international payments.

According to the paper, interoperability will be key to their success, and while CBDCs present new challenges and opportunities, continued exploration of CBDCs is likely to leverage existing payments rails where possible, and new solutions will become an extension of current infrastructure.

Elegant Themes - The most popular WordPress theme in the world and the ultimate WordPress Page Builder. Get a 30-day money-back guarantee. Get it for Free

To that end, SWIFT is undertaking a deeper dive into CBDCs through thought leadership and experimentation over the coming months. This includes trials to see how SWIFT’s evolving platform and a renewed focus on transaction management services under its new strategy to enable instant, frictionless payments across 4 billion accounts globally – agnostic of standards, technologies, and currencies – could interact with the cross-border use of CBDCs.

In collaboration with the community, SWIFT intends to explore its role further – both as a carrier of authenticated information about CBDC transactions, as it does today for fiat currencies and as a carrier of actual CBDC value in whatever form it is issued.

Thomas Zschach, Chief Innovation Officer, SWIFT, said: “Making payments infrastructure based on CBDCs efficient and interoperable with the broader economy presents some new challenges, but the majority are the same as those faced by existing payment solutions.

As a neutral and currency agnostic co-operative, with reach across 11,000 institutions in more than 200 countries, and oversight by central banks globally, SWIFT is well placed to engage closely in the debate and any future evolution of money.

David Treat, a senior managing director at Accenture, who leads its Blockchain and Multi-Party Systems practice globally, said: “Central Bank Digital Currency has emerged as an important new tool in the global push to modernize financial infrastructure to meet the needs of our increasingly digital and connected world.

As an integral part of the financial services infrastructure, SWIFT plays a critical role in illustrating the possible strategic moves its members may undertake as CBDC begins to transform the financial services landscape. We welcome this partnership and are eager to continue to drive responsible and valuable innovation together.”

iThemes WordPress Hosting

Stay updated

Subscribe to our newsletter and never miss an update on the latest tech, gaming, startup, how to guide, deals and more.

Latest

Stories

- Advertisement -
- Advertisement -

Latest

Grow Your Business

Place your brand in front of tech-savvy audience. Partner with us to build brand awareness, increase website traffic, generate qualified leads, and grow your business.

- Advertisement -

Grow Your Business

Get these business solutions, tools and services to help your business grow.
Elementor

Elementor -Join 5,000,000+ Professionals Who Build Better Sites With Elementor. Build your website with 100% visual design that loads faster and speeds up the process of building them.

WP Rocket

WP Rocket - Speed up your website with the most powerful caching plugin in the world. The website speed increase means better SEO ranking, user experience, and conversation. It’s a fact that Google loves a fast site.

Kinsta

Kinsta - If you are looking for WordPress managed hosting, Kinsta is in the leading front. Kinsta provides WordPress hosting for a small or large business that helps take care of all your needs regarding your website with cutting-edge technology.

OptinMonster

OptinMonster - Instantly boost leads and grow revenue with the #1 most powerful conversion optimization toolkit in the world. 700,000+ websites are using OptinMonster to turn their traffic into leads, subscribers, and sales.

Related

- Advertisement -
- Advertisement -
Tesla Records Double Net Profit in 2022 India to Produce Upcoming iPhones: Trade Minister Japanese Professor Developed A Power Semiconductor made of Diamond Google Releases New Product for India’s Merchants Indian EV Startup Unveil Two AutoBalancing Electric Scooters OPPO Find X6 Pro Images Render via Weibo Sony Develops New Tech to Reduce Noise of Image Sensors Tesla’s S & Y Models Earn Best-in-Class Cars of 2022 India Approved $320m to Promote Homegrown Payments Network Twitter Roll Out TikTok-like ‘For You’ Timeline on iOS
Nothing Phone Enters US with Beta Membership Program Finally! Apple’s VR Headset Coming this Spring Harvard Scientists Develop New Cell Therapy to Kill, and Prevent Brain Cancer HTC Vive XR Elite VR/AR Headset Now Selling for $1099 Realme 10 Launched in India with Helio G99 Gaming Chipset Twitter Data Breach Revealing User’s Private Information Instagram New Feature to Create Albums With Friend Redmi Note12 Pro Plus Launched in India