⚡SWIFT finally becomes ISO 20022⚡
🌐 #Swift announced a new initiative to streamline global transactions and enable its members to use their connection for transactions involving traditional and emerging asset types, such as digital assets.
💱They plan to test delivery-versus-payment (#DvP) and payment-versus-payment (#PvP) transactions across multiple ledgers on their global platform. This could enable securities buyers to simultaneously pay for and exchange tokenized assets in real-time.
🪙 The new initiative will focus primarily on global real-world asset (RWA) trading, as the industry is expected to reach a market capitalization of $30 trillion by 2034.
✍🏻 Tom Zschach, Chief Innovation Officer at Swift, said: “Digital currencies and tokens have enormous potential to shape the way we pay and invest in the future. But that potential can only be realized if the different approaches being explored have the ability to connect and work together.”
🏦 #Swift said it had achieved successful results in value transfer trials involving tokenized assets, and mentioned the two sandbox environments that included banks from Europe, Asia, and North America. They also aim to address how to integrate different digital assets with their respective bank-led networks.
⚖️ Since each financial institution exploring #RWA's might be using different distributed ledger technologies, lack of compatibility could hamper global interoperability. Additionally, divergence across regulatory environments can also create challenges.
💎"Rock & Roll"💎
✍🏻 Source: https://www.swift.com/news-events/news/streamlining-global-movement-digital-assets-and-currencies