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The payments landscape for community banks is changing rapidly as traditional payments converge with new instant payment systems and emerging cryptocurrencies. It is critical for Community Banks to maintain awareness of developments in the payments space to assess new opportunities, mitigate risks, and ensure that their payment strategy aligns with overall business plans.
Oct. 04, 2024
Swift announced that banks and central banks across North America, Europe, and Asia in 2025 will be able to use its network to conduct pilot transactions in digital assets and central bank digital currencies.
Background: Swift was recently named a participant in Project Agora, an international project exploring the integration of tokenized commercial bank deposits and wholesale CBDCs.
Details: In its statement, the company said: “This move will mark an important milestone as we progress towards achieving our ultimate vision of giving financial institutions a single point of access to multiple digital asset classes and currencies.” Swift also said it is investigating how its interlinking capabilities could integrate emerging bank-led networks with traditional financial systems.
ICBA View: ICBA has repeatedly expressed opposition to the creation of a U.S. CBDC, requesting from U.S. agencies federal records on whether legislative changes are required to issue one.