The Swiss National Bank (SNB) has revealed its Swiss payments vision, which includes exploring a private token backed by central bank reserves and a wholesale central bank digital currency (CBDC) on the SIX Digital Exchange (SDX) for a limited time. The SNB has already conducted various wholesale CBDC tests and plans to issue a real wholesale CBDC on the SDX as a settlement asset for tokenized securities transactions. The central bank is also exploring using private money as a settlement asset for tokenized transactions, which would be one-to-one backed by sight deposits at the central bank, with a comparable risk profile to central bank money. The SNB believes that integration and interoperability between payment systems, payment solutions, and different forms of money are crucial for a trustworthy payment system.