SWIFT, the global financial messaging network, plans to launch a new platform within the next one to two years. The aim of the initiative is to connect the digital currencies of central banks, which are currently being developed, to the existing financial system, writes Reuters.

Currently, about 90% of the world’s central banks are exploring digital versions of their currencies. Most of them don’t want to be left behind by bitcoin and other cryptocurrencies, but are trying to overcome technological difficulties.

SWIFT’s Head of Innovation Nick Carrigan spoke about one of the largest global projects on central bank digital currencies (CBDCs) and tokenized assets. It lasted six months and involved a group of 38 central banks, commercial financial institutions, and settlement platforms.

The project focused on ensuring that CBDCs from different countries can be used together, even if they are built on different technologies or “protocols,” thereby reducing the risks of payment system fragmentation.

The study found that they could be used in complex trade or foreign exchange payments and could potentially be automated to speed up and reduce the cost of these processes.

“We are looking at a roadmap to productize (launch as a product) in the next 12-24 months,” said Nick Kerigan. “We are moving from the experimental stage to something that is becoming a reality.”

However, the timeframe for launching the product may still be shifted.

Last October, the ECB announced a new stage in the introduction of the digital euro. Within its framework, the ECB will finalize the rules, select partners in the private sector, and conduct “testing and experimentation.”