SWIFT will experiment with tokenized assets at the beginning 2022 of the year – Bits Media

The global interbank financial messaging network SWIFT plans to 2022 году провести тестирование процедур взаимодействия на рынке токенизированных ценных бумаг.

According to a statement from the SWIFT interbank system, In the first quarter 2022 planned a series of experiments to test the exchange of information between participants and financial systems, that interact during the life cycle of tokenized assets.

In addition to SWIFT, Clearstream will also take part in the experiment, Northern Trust и SETL, as well as other industry participants. The result of the experiment will be to refine procedures and achieve interoperability between asset tokenization platforms. The possibility of paying for tokenized assets will also be tested., both in traditional cash and non-cash form, and in the digital currency of central banks.

Cause, prompted the parties to conduct the experiment, lies in the potential problem of the simultaneous coexistence of tokenized and traditional assets. Various technologies, platforms and regulatory frameworks create many cross-links between securities market participants, which can lead to inefficiency and fragmentation, as well as increasing costs and risks throughout the industry.

"As a neutral mediator, unifying 11 000 institutions in more than 200 countries, and controlled by central banks around the world, SWIFT is uniquely positioned to participate directly in the future of securities. Our vision of instant, seamless transactions applies to more than just traditional securities instruments, but also to new asset classes", – says Thomas Zschach (Thomas Zschach), Director of Innovation at SWIFT.

Previously, the Bank of France jointly
with the Swiss cryptocurrency bank SEBA successfully completed testing of settlements for securities transactions using the Central Bank digital currency.