Banks to join SWIFT digital asset tests in 2025

Banks to join SWIFT digital asset tests in 2025

SWIFT, known for its role in interbank communications, has announced that it will launch digital asset tests in 2025 to unify and connect the fragmented digital currency landscape. Banks from around the world, including North America, Europe and Asia, are already preparing to participate in these tests, which are set to radically change the way financial institutions operate in the world of digital assets.

On October 3, SWIFT announced that it plans to conduct experiments focused on transactions involving multiple digital currencies and assets. These experiments aim to explore how the banking network can provide its members with consistent and efficient access to different classes of digital assets and currencies.

Top Priority - Improving Payment Processes

The first trials will focus on key areas such as payments, foreign exchange, securities and trading. The trials will include delivery-versus-payment and payment-versus-payment transactions, which should simplify and speed up the processes banks face today.

SWIFT highlighted that the rapid development of various disconnected platforms and technologies in the digital asset space has led to an "increasingly fragmented environment". This fragmentation is a major barrier to the global adoption of digital currencies, creating a complex network of "digital islands" that make it difficult for transactions to flow smoothly.

Goal - Creating a Single Ecosystem

There are currently more than 200 different digital systems, which complicates the market landscape. SWIFT seeks to overcome this fragmentation and leverage its unique status to connect different networks and existing fiat currencies. This move should enable the global community to conduct seamless transactions using digital assets alongside traditional forms of value.

With the introduction of digital asset testing in 2025, SWIFT is joining a broader effort to integrate digital currencies into the financial system and increase the pace of adoption globally. Any success in this direction could lead to a revolution in the way money is moved and managed around the world.

Team Coingarage