With the arrival of 2022, the development of the Helvetia project gives us an indication of its continuation. In this sense, the Swiss National Bank announced details related to the second phase of the project. This, while exposing the internal tests of interbank transactions that were made in recent months.
In the formation of the digital asset creation project, the Swiss central bank set out to generate a test environment for the CBDC. Through an association process, the financial entity put the crypto wholesaler into operation with several participants.
As development progressed, these participants concretized internal operations to measure the performance of the integration. The Swiss National Bank linked up with other institutions, such as Goldman Sachs, to test the second phase of Helvetia.
By the last months of 2021, the members of the initiative were already carrying out tasks for the progress of this phase. Facing the consolidation of a favorable legal and political environment, the entities test interbank settlements backed by the new technology.
The group was joined by the Bank for International Settlements, as well as SIX, a Swiss firm to contribute to the financial infrastructure. The latter provided support for the operations specified in the association.
Tokenized interbank transactions were tested on the SDX (Six Digital Exchange). This, while each operation went through the gross settlement service, SIC (Six Interbank Clearing), anchoring itself to the main platform of the partners.
Efforts to consolidate the project
Although the second phase of the project has not been carried out for long, the road that the initiative has traveled has lasted for more than a year. At the end of 2020, the wholesale CBDC was issued for the first time, considering a route that would allow linking more financial entities.
In this way, the Swiss National Bank sought to enter into testing processes to determine the reliability of interbank operations. So far, the transactions already represent the encouraging picture that the banks were looking for.
Test participants embarked on a search for an ideal way to enter the world of tokenization. They hint at the idea that the banking sector could offer its “security” structure in the crypto realm.
After all, banking entities, including central banks, are embarking on a path that leads them to gain ground in digital markets. For now, the inclusion of the wholesale CBDC and the association of various firms continues.