Today Swift announced plans to collaborate with 30 institutions to develop a shared ledger to form part of its internal infrastructure. It is working with Ethereum blockchain developer Consensys as technology partner to build the conceptual prototype. The types of tokens exchanged on the ledger will be determined by commercial and central banks. Judging by the comments from stablecoin issuer Societe Generale-FORGE, it will include regulated stablecoins as well as tokenized deposits and CBDC.
The Brussels based organization revealed the initiative at its Sibos conference in Frankfurt on Monday, with an initial focus on enabling real time, round the clock cross border payments.
The technology will extend Swift’s role beyond financial messaging to facilitate the movement of regulated tokenized value across digital ecosystems. The ledger is designed to record, sequence and validate transactions between financial institutions while enforcing rules through smart contracts.
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