The Swifin Platform is a distributed multi-tenant core banking platform as a services. The Platform is used by Nations, States Territories and Realms, Central Banks and other regulated financial institutions, Government and civil society organisations, Businesses and individuals. It is a one stop solution that brings together various stakeholders globally to drive financial inclusion to foster full participation in the real economy by all.
The swifin exchange uses two types of base digital currencies.
- The Swifin digital currency – GBX
GBX is used in the Swifin Platform to enable fast real time payments between all members of the Platform. To ensure that it is stable it is in principle linked or pegged to GBP and will therefore fluctuate in value when compared to other currencies in a way that is similar or identical to GBP. GBX however offers additional benefits when compared to the digital form of GBP. GBX is specific to the Swifin Platform and can only be used within the platform by platform members. It is more divisible and can therefore be circulated in much smaller amounts between members in exchange for good and services.
- Central Bank Digital Currency (CBDC) – AKL
A Central Bank Digital Currency (CBDC) is a digital currency issued and distributed directly by a Central Bank. An example of this is the African Kingdoms Lumi (AKL) which is issued directly by the Central Solar Reserve Bank / African Diaspora Central Bank and which has now been adopted by the African Finance Regulatory Authority as legal tender for the African Central Bank to drive trade within and between continental African Countries.
Members of the Swifin Platform can therefore make real time payments to other members of the Swifin Platform for real time settlement of commercial transactions. This is expected to drive financial inclusion for all and support full participation of both the banked and the unbanked population across continental Africa and the African Diaspora.