Swift to pilot digital currency transactions in 2025

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Swift announced today that it will begin piloting live digital asset and currency transactions on its network starting next year. Banks in North America, Europe and Asia will soon be able to send and receive digital currencies through Swift’s extensive network, which connects more than 11,500 financial institutions globally.

Exciting news! Starting next year, financial institutions around the world will begin testing digital assets and currency transactions on the Swift network.

This marks an important milestone in our journey to enable banks to transact interchangeably between both… pic.twitter.com/70BxOMoBpT

— Swift (@swiftcommunity) October 3, 2024

Swift aims to unify various currency platforms into one system. According to the company, the integration will allow financial institutions to conduct pilot transactions seamlessly using existing Swift connections.

The initial use cases for trials will focus on payments, foreign exchange, securities and transactions, with the aim of enabling delivery-versus-payment (DvP) and payment-versus-payment (PvP) transactions.

The new development marks a huge milestone in bridging the gap between traditional finance and the world of digital assets.

“For digital assets and currencies to succeed on a global scale, it is critical that they can seamlessly coexist with traditional forms of money,” Tom Zschach, Swift’s Chief Innovation Officer, discussed the importance of interoperability between traditional and emerging forms of value for global adoption.

The tests, set to facilitate transactions involving both digital and traditional currencies, will also make a huge shift from previous blockchain experiments to real-world applications, Swift said.

“With Swift’s vast global reach, we are uniquely positioned to bridge both emerging and established forms of value, and we are now focused on demonstrating this in mainstream, real-world applications,” Zschach said. “As new forms of value emerge, our intention is to continue to provide our community with the ability to seamlessly conduct and track transactions across all types of assets – using the same secure and resilient infrastructure that is integral to their operations today. “

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