Swift’s beta test for CBDC connector debuts at Sibos 2023

Kicking off Sibos 2023 in Toronto, Canada, Swift’s inaugural plenary unveiled its upcoming beta testing for the Central Bank Digital Currency (CBDC) connector.

The opening plenary saw CEO of Swift, Javier Pérez-Tasso, take the stage alongside Swift chair Graeme Munro and deputy chair Samantha Emery, detailing the landmark achievements of the organisation in recent times. Pérez-Tasso underscored Swift’s progress in payment efficiency, with “89% of Swift payments reaching the recipient bank within an hour,” and its broader commitment to fostering innovation to ensure “secure, trusted transactions.”

Addressing the myriad of themes Sibos will cover, Munro touched on subjects from artificial intelligence, tokenisation, ESG and the ever-present concern of cybersecurity. “Swift’s community will play a pivotal role,” Munro affirmed, reflecting the organisation’s commitment to building a sustainable and inclusive future. Deputy chair Emery added weight to the discussion, accentuating the importance of ESG and Swift’s historic role in “building inclusive, sustainable economies.”

But the standout moment was Pérez-Tasso’s revelation of Swift’s foray into digital currencies: “This week, we’ll announce the beta testing of our CBDC Connector.” This signifies Swift’s response to the increasing interest and developments in the world of central bank digital currencies.

Brian Moynihan, chair of the board and CEO of Bank of America, lent his voice to the conversation. Offering insights into the global economic landscape and the transformative potential of generative AI, Moynihan emphasised the need for diligence. Delving into the realm of payments, Moynihan reflected on the foundational trust that underpins the industry: “Payments revolve around trust.”

The plenary concluded with a resounding emphasis on ESG, as attendees were asked to pledge their support for Sibos’s sustainability initiatives. “Every action, no matter how small, makes a difference,” reminded journalist Ginella Massa, the event’s host.

© 2023 funds europe

HAVE YOU READ?

THOUGHT LEADERSHIP

The tension between urgency and inaction will continue to influence sustainability discussions in 2024, as reflected in the trends report from S&P Global.
FIND OUT MORE
This white paper outlines key challenges impeding the growth of private markets and explores how technological innovation can provide solutions to unlock access to private market funds for a growing…
DOWNLOAD NOW

CLOUD DATA PLATFORMS

Through AI and ML and cloud-enabled ecosystems, managers are finding ways to cut operating costs, supercharge the customer experience and add value to the bottom line.
FIND OUT MORE

PRIVATE MARKETS FUND ADMIN REPORT

Private_Markets_Fund_Admin_Report

LATEST PODCAST