Swift, in collaboration with Kaleido, has developed a CBDC sandbox using Hyperledger FireFly to facilitate cross-border payments involving central bank digital currencies (CBDCs). The sandbox addresses the interoperability challenge by enabling CBDCs from different technologies to interact within Swift's secure financial messaging network, as tested with 18 central and commercial banks. The project demonstrates that CBDC transactions can integrate with Swift’s platform like real-time gross settlement payments, offering promising results for further development. Key insights include the need for intermediaries in cross-border CBDC transactions and potential applications in securities and trade finance.

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