International interbank system Swift announced the launch of a blockchain ledger that will enable real-time, 24/7 cross-border payments. More than 30 of the world’s largest banks from 16 countries are participating in the project.
Swift unveiled a strategic initiative to create a distributed ledger for financial transactions. The first stage will be a prototype developed in partnership with Consensys. The main goal of the project is to ensure instant cross-border settlements around the clock, with maximum reliability, security, and scalability.
The new ledger will become a digital extension of Swift’s communication role, enabling financial institutions to securely move tokenized value within regulated ecosystems. It will record and confirm transactions in real time, as well as support the execution of smart contracts.
Leading banks such as Bank of America, JPMorgan Chase, Deutsche Bank, HSBC, Citi, Santander, BNP Paribas, Standard Chartered, Wells Fargo, and many others are taking part in the project. In total, more than 30 financial institutions joined the initiative, including major banks from Europe, Asia, the U.S., and the Middle East.
According to Swift CEO Javier Pérez-Tasso, the new ledger will serve as the foundation for the next stage of the financial industry’s digital transformation. “We create the infrastructure stack of the future 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,” he stated.
Swift emphasizes that a key principle will be interoperability with both traditional banking systems and new blockchains. This will ensure synchronized and transparent settlements while maintaining compliance with international standards and regulatory requirements.
Participant banks describe the initiative as a “turning point” in the history of global payments:
- Bank of America highlighted that the digital ledger will provide transparency and interoperability for payments in a 24/7 economy.
- BBVA stressed that instant settlements with Swift’s trusted reliability open up new opportunities for clients.
- Deutsche Bank noted that the initiative lays the foundation for a scalable and sustainable global payments ecosystem.
The new blockchain ledger complements Swift’s existing initiatives aimed at accelerating traditional payment rails and creating standards for digital assets. In the future, it may become the basis for multi-currency settlements, asset tokenization, and global smart contracts.
In this way, Swift is taking a step toward building a unified world-class digital infrastructure that integrates both traditional and innovative mechanisms for financial transactions, ensuring instant, secure, and transparent payments for millions of customers worldwide.
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