SWIFT enrolls 3 central banks in CBDC interoperability beta test, expands sandbox


Three central banks have joined the beta phase of bank messaging platform SWIFT’s central bank digital currency (CBDC) interoperability project, the company announced Sept. 13. It has also entered a new phase of sandbox testing, it said.


The Hong Kong Monetary Authority, the Central Bank of Kazakhstan and an unnamed central bank have integrated their infrastructure with SWIFT’s “CBDC connector solution” for direct testing, the company said.


The first phase of sandbox testing began in March with a lineup of over 18 participants, including Royal Bank of Canada, Banque de France, Société Générale, BNP Paribas, Monetary Authority of Singapore, HSBC, Deutsche Bundesbank and NatWest. The sandbox had over 5,000 transactions in the course of 12 weeks. Now, the number of participants will top 30.


SWIFT has created several projects involving CBDCs, including a wholesale CBDC project in conjunction with the New York Federal Reserve Bank using a regulated liability network.


SWIFT messaging connects over 11,500 financial institutions worldwide. It has an uncomfortable relationship with CBDCs because the new technology could compete with it in many circumstances. The various CBDC bridging projects supported by the Bank for International Settlements are examples of this potential. Competition breeds innovation, though.


SWIFT announced in August that 89% of the transactions it accommodates are processed within an hour, surpassing the G20’s goal of 75% one-hour settlements by 2027. Moreover, 84% of transactions on the network “are conducted directly or with a single intermediary.” However, it noted that, in practice, only 60% of wholesale payments are concluded in an hour due to regulatory controls, working hours and batch processing.


Source : Cointelegraph By Derek Andersen / September 13, 2023


240 rue Evariste Galois,

06410 Biot,

Sophia Antipolis

Automata Pay

65-66 Warwick House 4th

Floor, Queen Street, London

England, EC4R 1EB

Automata ICO Ltd

3rd Floor Ormond Building,

31-36 Ormond Quay Upper,

Dublin 7, D07 Ee37

Automata Pay Europe Ltd

3rd Floor Ormond Building,

31-36 Ormond Quay Upper,

Dublin 7, D07 Ee37

Automata ICO Ltd

Italian Branch

Via Archimede, 161,

00197 Roma


Automata ICO Limited, a Company incorporated in Ireland with its registered office at 3rd Floor Ormond Building, 31-36 Ormond Quay Upper, Dublin 7, D07 Ee37, Ireland registered in Ireland under number 690280 has applied for a Virtual Asset Service Provider registration with the Central Bank of Ireland. Whilst the application is ongoing, we are permitted to continue business as a Virtual Asset Service Provider in line with the Central Bank of Ireland's regulatory disclosure statement as required under section 106L of the CJA 2010 in relation to registered VASPS.

Automata ICO Limited, a Permanent Establishment incorporated in Italy with its registered office at Via Archimede, 161, Roma, Italy, and registered in Italy under number 96550860587 with the Organismo Agenti e Mediatori (OAM) as a Virtual Asset Service Provider (VASP).

Automata France SAS is a company registered in France with the company number 902 498 617. Automata FRANCE SAS is registered with the french Financial Market Authority, l’Autorité des marchés financiers (“AMF”), as a provider of Virtual Asset Service Provider under number E2023-087.