SETL has announced that it will be working with SWIFT on an innovation pilot, as the cooperative explores how it can support interoperability in the development of the tokenised asset market.
In a series of experiments early next year, SETL, SWIFT, Clearstream, Northern Trust and other market participants will explore the issuance, delivery versus payment (DVP), and redemption processes to support the tokenised asset market. The experiments will use both established forms of payment and central bank digital currencies (CBDCs).
The experiments will take place in Q1 2022, and the results will be shared afterwards with the financial community. Financial market infrastructures are already embracing tokenisation by supporting the full lifecycle of digital securities. In response, SWIFT is undertaking a series of experiments alongside market participants from the tokenised and traditional asset ecosystem to explore how it can support this market.
SETL will work with SWIFT and other participants in the experiments on the integration between the various DLT environments and with transaction orchestrations by using their PORTL suite of products. PORTL provides a permissioned toolset for financial institutions to build applications that interoperate between existing infrastructures and a range of enterprise ledger technologies including Corda, Besu, Fabric, DAML and SETL's own ledger.
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