The second phase of sandbox testing conducted by the Society for Worldwide Interbank Financial Telecommunication (SWIFT) explored four distinct use cases, including digital trading with atomic settlement, tokenization platforms for delivery versus payment, connection of existing foreign exchange infrastructures, and Liquidity Saving Mechanism algorithms to reduce liquidity fragmentation.
SWIFT leveraged R3’s Corda, Hyperledger Fabric, and Besu blockchains to demonstrate the interoperability of its connector across multiple platforms.
The testing highlighted the potential of SWIFT’s solution to provide a single point of access for institutions, facilitating cost-effective participation across networks and enabling the reuse of existing channels.
Following the completion of sandbox experiments, SWIFT plans to enhance the beta version of its connector by focusing on implementing smart contracts, cryptographic token management, and preserving data across networks.
Over 125 users from various financial institutions participated in the sandbox testing, conducting more than 750 simulated transactions. Notable participants included ANZ, Citibank, Deutsche Bank, HSBC, and several central banks.
SWIFT is actively exploring additional use cases, including settlement using a unified ledger model, while emphasizing the utilization of existing technologies within its ecosystem.
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