Citibank and Swift announced the completion of a pilot project for Payment-versus-Payment (PvP) settlement processes between fiat and digital money, verifying the feasibility of interoperability between traditional financial systems and Distributed Ledger networks. This pilot relies on existing Swift infrastructure and achieves seamless integration of institutional-grade Blockchain connectors, business process coordinators, and smart contracts. Additionally, during the pilot, Citibank utilized a test version of USDC on the Ethereum Sepolia Testnet to simulate a near-production environment.
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Citibank and Swift announced the completion of a pilot project for Payment-versus-Payment (PvP) settlement processes between fiat and digital money, verifying the feasibility of interoperability between traditional financial systems and Distributed Ledger networks. This pilot relies on existing Swift infrastructure and achieves seamless integration of institutional-grade Blockchain connectors, business process coordinators, and smart contracts. Additionally, during the pilot, Citibank utilized a test version of USDC on the Ethereum Sepolia Testnet to simulate a near-production environment.