Swift, a global provider of financial messaging services, announced plans to add a blockchain-based shared ledger to its technology infrastructure. The move aims to accelerate and scale digital finance across more than 200 countries and territories.
The company is working with over 30 financial institutions worldwide on the development of the ledger. The first use case will focus on enabling real-time, 24/7 cross-border payments. Consensys has been selected to create a conceptual prototype for the ledger, which will leverage Swift’s established security, scalability, and resilience features.
Swift stated that the new system would allow banks to move regulated tokenised value securely and at scale across digital ecosystems. While Swift will build the infrastructure, commercial and central banks will determine which types of tokens are exchanged using the ledger.
The shared ledger is intended to record, sequence, and validate transactions between financial institutions in real time while enforcing rules through smart contracts. It is being designed for interoperability with both existing and emerging payment networks.
Announcing the initiative at Swift’s Sibos conference in Frankfurt, CEO Javier Pérez-Tasso said: “We provide powerful and effective rails today and are moving at a rapid pace with our community to create the infrastructure stack of the future. Through this initial ledger concept we are paving the way for financial institutions to take the payments experience to the next level with Swift’s proven and trusted platform at the centre of the industry’s digital transformation.”
Financial institutions from 16 countries are providing feedback on the design of the ledger. After successful proof-of-concept development, Swift plans broader implementation within its global community.
The initiative builds on two years of live digital asset trials by Swift. In addition to developing its blockchain-based solution, Swift announced plans to support interoperability between distributed ledger technology (DLT) systems and existing fiat currency rails. This would enable efficient transactions across private and public networks for various use cases.
Recent steps also include new scheme rules over existing rails aimed at improving speed and predictability for consumers and small businesses sending money internationally.
The project has drawn broad support from participating banks:
Mehtap Yılmaz, Head of Trade Finance and Cash Product Management at Akbank, said: “Akbank is proud to join Swift’s initiative to integrate a blockchain-based ledger, leveraging our strong expertise and commitment in digitalization and innovation. We hope that Swift will introduce a scalable blockchain solution and enable us to provide our customers with uninterrupted, 24/7 real-time settlement, while upholding the highest standards of compliance, security, and operational excellence. Aligned with Akbank’s digital transformation vision, we are confident that this significant step will generate value for our customers and deliver benefits to the global financial community.”
Nigel Dobson from ANZ highlighted collaboration: “ANZ shares Swift’s passion to deliver best-in-class payments experiences at scale. Drawing on our own work with blockchain-based shared ledgers, we believe it can be a powerful infrastructure upgrade and a pivotal step toward global, instant, always-on cross border transactions. It’s our view that no single institution can achieve this alone. Swift’s neutral role and global network uniquely position it to drive industry collaboration and adoption, and ANZ is proud to contribute our expertise to building resilient, future-ready payments infrastructure.”
AJ McCray from Bank of America commented: “As the environment for cross border payments continues to evolve with new technologies and innovations, our clients have an even greater need for solutions that make payments more efficient. A digital shared ledger, created with the Swift community, offers transparency and interoperability, two priorities to effectively manage cross-border payments in a 24/7 world.”
Eva Rubio at BBVA Corporate & Investment Banking described it as “a game-changer”: “Swift’s digital ledger initiative is a game-changer for the future of cross-border payments. The ability to settle regulated value in real time – with the reliability and security that the industry expects from Swift – will unlock new efficiencies and opportunities for our clients. At BBVA, we are committed to collaborating on this next chapter of financial innovation to deliver the speed, transparency and resilience that businesses and consumers need in a digital world.”
Bruno Mellado at BNP Paribas noted: “The blockchain financial ecosystem will need seamless interoperability and standards between currency areas and institutions. Swift’s initiative provides the opportunity for building the foundational infrastructure needed for connecting diverse blockchain ecosystems through standards and trusted rails.”
Isabel Schmidt from BNY added: “At BNY, we are focused on the evolution of payments infrastructure… Recognizing these industry efforts helps ensure solutions that bring greater efficiency…”
Other supporting statements came from representatives at Bradesco; Citi; Commerzbank; Crédit Agricole; DBS Bank; Deutsche Bank; Emirates NBD; First Abu Dhabi Bank (FAB); HSBC; J.P. Morgan; MUFG; NatWest; OCBC; PagoNxt Payments (Santander); RBC; Shinhan Bank; Societe Generale-FORGE; Standard Chartered; UOB; Wells Fargo.
Anith Daniel from Emirates NBD said: “Embracing the future of finance,
Emirates NBD is thrilled to join Swift in pioneering integration of a blockchain-based shared ledger… By harnessing Swift’s unparalleled security… we are committed to delivering a seamless… payment experience…”
Swift expects these developments will power best-in-class payment experiences as part of ongoing efforts both upgrading current systems (“fiat” rails) while preparing industry participants for wider adoption of digital finance.
