During a panel at the SIBOS banking event today, Mu Changchun said that the mBridge cross border CBDC payment system could connect to traditional payments systems, including real time gross settlement systems (RTGS) and faster payment systems. “We are looking forward to possible cooperation with Swift in the future,” said Mr Mu, who leads the Digital Currency Institute of the People’s Bank of China.
mBridge uses distributed ledger technology (DLT) and wholesale central bank digital currency (wCBDC) to enable direct cross border payments, without using Swift or correspondent banks. Participants include the central banks of China, Hong Kong, Saudi Arabia, Thailand and the UAE, as well as the BIS Innovation Hub and numerous commercial banks. The initiative reached the minimum viable product (MVP) stage in June. By removing correspondent banks as intermediaries, payments are faster and cheaper.
Today it was revealed that mBridge is also being used for FX payment versus payment (PvP).
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