A new joint paper from SWIFT and Accenture looks at the opportunities and challenges of central bank digital currencies (CBDCs). In particular, the paper examines CBDCs as a vehicle for payments, especially how this would operate at the international level. CBDCs have emerged as an important new tool in the push to modernize financial infrastructure in a way that meets the needs of an increasingly digital and connected world. But a shift to CBDCs requires a number of viable solutions be developed and implemented, especially those related to scalable interchange mechanisms, foreign exchange mechanisms, standardized interoperable rich data, financial crime compliance, strong governance models and compatible local infrastructure. At the same time, the interoperability of CBDCs is crucial if they are to flourish. This means that new solutions need to be pragmatic in their ability to use existing infrastructure.