Prototype will test real-world settlements with smart contract features
International payment network Swift has announced plans to create a blockchain-based ledger for its infrastructure, marking a major step toward transforming how money moves across borders.
The initiative, presented at the Sibos conference in Frankfurt, involves more than 30 global financial institutions, including Bank of America, JPMorgan, Deutsche Bank, HSBC, and BNP Paribas.
The first stage focuses on developing a proof-of-concept prototype with blockchain developer Consensys, enabling instant, 24/7 cross-border payments.
Swift CEO Javier Perez-Tasso described the project as “the next level of payment experience,” reinforcing the network’s commitment to staying ahead in digital finance.
The new blockchain ledger will act as a secure and transparent transaction log between institutions. It is designed to record, verify, and streamline settlements while enabling smart contracts and supporting both traditional and emerging networks.
Importantly, Swift emphasized that the system will operate only with regulated tokenized assets, leaving the choice of tokens to banks and central banks.
Industry leaders see the project as a breakthrough. Nigel Dobson, Head of Banking Services at ANZ, called it “a crucial step toward global, instant cross-border transactions.” Bank of America’s A.J. McCray added that a shared ledger would bring transparency and interoperability, key to efficient payments worldwide.
Once the prototype is ready, Swift and its banking coalition will conduct real-world tests. The long-term goal is a multi-currency settlement platform that connects seamlessly with both private and public blockchain networks.
This move aligns with Swift’s broader strategy to modernize payment systems while preparing for the rise of digital assets and central bank digital currencies (CBDCs). Reports earlier in 2024 suggested Swift was already working on a platform to integrate CBDCs — a signal that the financial messaging giant is preparing for the future of money.
