TechFlow news: The Society for Worldwide Interbank Financial Telecommunication (Swift) has announced that three central banks are conducting beta testing on its CBDC interoperability project, which aims to enable central bank digital currencies (CBDCs) to be used for cross-border payments. According to the latest update, three major central banks—including the Hong Kong Monetary Authority and the National Bank of Kazakhstan—are integrating the solution with their own CBDC infrastructure.
Swift also added: "We have also launched phase two of the sandbox trials, in which commercial banks, central banks, and financial market infrastructures are exploring additional use cases, including triggered payments on digital trade platforms, foreign exchange models, payment-on-delivery, and liquidity-saving mechanisms."
The announcement states that phase two involves more than 30 institutions, including the Reserve Bank of Australia, Deutsche Bundesbank, the Hong Kong Monetary Authority, and the Bank of Thailand.
