Swift, a global financial messaging cooperative, has announced plans to incorporate a blockchain-based shared ledger into its core technology infrastructure to enable instant, always-on cross-border transactions at an unprecedented scale, beginning with a conceptual prototype developed with Consensys.
The initiative, unveiled at Swift’s annual Sibos conference in Frankfurt, marks a significant step for global finance. Swift is collaborating with over 30 financial institutions from 16 countries to design and build this ledger, focusing initially on real-time 24/7 cross-border payments. The prototype phase is expected to be completed swiftly, followed by the definition of subsequent development stages.
This new ledger is designed to extend Swift’s established financial communication role into a digital environment, facilitating the secure and scalable movement of regulated tokenized value across diverse digital ecosystems. It will function as a secure, real-time log of transactions between financial institutions, responsible for recording, sequencing, validating transactions, and enforcing rules through smart contracts. Swift’s focus remains on the infrastructure, while commercial and central banks will determine the types of tokens exchanged on the ledger.
The ledger is being engineered for interoperability with both existing and emerging networks, upholding the trust, resilience, and compliance standards associated with Swift, which are critical for the secure operation of global finance. Javier Pérez-Tasso, Swift CEO, commented, “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 contributing feedback on the ledger’s design include Absa, Akbank, ANZ, Banco Santander, Bank of America, Banorte, BBVA, BNP Paribas, BNY, Bradesco, Citi, Commerzbank, Crédit Agricole, DBS Bank, Deutsche Bank, Emirates NBD, First Abu Dhabi Bank, FirstRand Bank, HSBC, Itaú Unibanco, JP Morgan Chase, Mizuho, MUFG, NatWest, OCBC, Royal Bank of Canada, Saudi Awwal Bank, Shinhan Bank, Societe Generale-FORGE, Standard Chartered, TD Bank Group, UOB, Wells Fargo, and Westpac. Following successful development and proof of concept, Swift will work with its global community on implementation.
This development aligns with Swift’s ongoing ecosystem innovation and digital asset trials over the past two years. To ensure interoperability between Distributed Ledger Technology (DLT) and existing fiat currency rails, Swift also announced client solutions designed to orchestrate transactions across different systems, supporting both private and public networks for efficient and synchronized operations across various use cases.
These initiatives are part of Swift’s broader strategy to deliver a best-in-class payments experience, regardless of how value moves. This strategy involves parallel innovation tracks to upgrade existing ‘fiat’ rails and prepare the industry for digital finance. Complementing this, Swift recently announced new scheme rules for existing rails to ensure a fast and predictable experience for consumers and small businesses making cross-border payments.
Industry leaders have expressed support for Swift’s ledger initiative. Nigel Dobson, Banking Services Lead at ANZ, stated, “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, Global Head of Payments in Global Payments Solutions at Bank of America, noted that “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, Head of Global Transaction Banking at BBVA Corporate & Investment Banking, highlighted, “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.” Bruno Mellado, Global Head of Payments and Receivables at BNP Paribas, emphasized, “Swift’s initiative provides the opportunity for building the foundational infrastructure needed for connecting the diverse blockchain ecosystems through standards and trusted rails.” Lim Soon Chong, Group Head of Global Transaction Services at DBS Bank, added, “Swift’s initiative goes a step further – it is interoperable with traditional correspondent banking rails, has a high transaction capacity within a secure environment, and is accessible by Swift’s global banking network.” Gayathri Vasudev, Global Head of Core Payment Rails at J.
P. Morgan, affirmed, “We look forward to engaging with this coalition to help evaluate a shared ledger designed for the next generation of global payments, leveraging our expertise to help advance instant, secure and efficient cross-border payments.” Jean-Marc Stenger, CEO of Societe Generale-FORGE, concluded, “This initiative is fully aligned with our commitment to offer clients robust and widely accessible market infrastructure alongside a new pathway for the digital financial industry.”
