Odaily News The Society for Worldwide Interbank Financial Telecommunication (SWIFT) plans to build a new platform in the next one to two years to connect the central bank digital currency (CBDC) currently under development with the existing financial system. This move will likely be fine-tuned when the first major CBDCs are launched. Nick Kerigan, SWIFTs head of innovation, said its latest pilot, which lasted six months and involved 38 central banks, commercial banks and settlement platforms, is one of the largest global collaborations to date on CBDC and tokenized assets. The plan focuses on ensuring that CBDCs from different countries can be used together, even if built on different underlying technologies or protocols, thereby reducing the risk of fragmentation of the payment system. It also suggests that CBDC could be used for highly complex trade or foreign exchange payments and could potentially be automated, speeding up the process and reducing costs. (Reuters)