Swift has unveiled plans to develop a blockchain-based shared ledger that could redefine its role in international finance.
Partnering with more than 30 major banks across 16 countries, the initiative aims to provide real-time, 24/7 cross-border payments using tokenised value.
This project, in collaboration with Consensys, signals Swift’s intention to move beyond its traditional messaging role into settlement infrastructure.
With the rise of tokenisation and digital asset adoption, Swift is positioning itself as a trusted neutral provider capable of connecting regulated institutions to emerging digital ecosystems while retaining the resilience and compliance it is known for.
Swift’s Move into Blockchain Payments
The announcement marks a turning point for Swift, an organisation that has long underpinned global payments through its secure messaging system.
Currently linking over 11,000 financial institutions across more than 200 countries, Swift’s network facilitates the transfer of trillions daily. The new blockchain ledger project expands its remit from messaging to enabling actual settlement of tokenised value.
Working with Consensys, Swift is developing a prototype to record, sequence, and validate transactions using smart contracts.
The prototype will serve as a secure and interoperable ledger that enforces compliance and facilitates transparency, while leaving the choice of tokens to commercial and central banks.
Major institutions, including Bank of America, Citi, JP Morgan, HSBC, Deutsche Bank, and Standard Chartered, are among those helping design the system.
For banks, the appeal lies in Swift’s neutrality and proven reach. Unlike private blockchain consortiums, Swift’s ledger seeks to provide a common infrastructure, reducing fragmentation across emerging digital asset markets.
The goal is not to replace existing rails but to complement them, offering a dual-track system where fiat and tokenised assets coexist.
Swift’s chief executive, Javier Pérez-Tasso, described it as paving the way for institutions to “take the payments experience to the next level,” highlighting the potential for speed, efficiency, and resilience in a digital-first era.
Infrastructure and Technical Design
Swift’s proposed ledger builds on two years of trials exploring interoperability between distributed ledger technology and traditional systems.
The design focuses on interoperability, ensuring banks can bridge fiat-based rails with tokenised ecosystems. Key functions include recording and sequencing transactions, validating entries in real time, and embedding regulatory rules through smart contracts.
A defining feature of the initiative is its global scope. With over 30 institutions from Asia, Europe, and the Americas involved, the project is structured to accommodate diverse regional needs.
Singapore’s DBS Bank, OCBC, and UOB have emphasised the benefits for Asia, from liquidity optimisation to faster settlements across ASEAN.
DBS highlighted interoperability with traditional correspondent banking rails, while OCBC pointed to efficiency gains in retail and corporate payments.
The infrastructure will support private and public networks, enabling synchronised transactions across different systems.
This flexibility ensures compatibility with existing banking infrastructure while preparing for the rise of tokenised assets, including stablecoins, central bank digital currencies, and tokenised securities.
Although Swift has not specified whether the Ethereum mainnet or Consensys’ Layer-2 Linea will underpin the prototype, its choice of partner suggests strong alignment with Ethereum technology.
By maintaining strict standards of compliance, resilience, and security, Swift is positioning its ledger as institutional-grade from inception. Its role as an industry utility, distinct from commercial providers, offers a pathway for broad adoption.
While no launch date has been confirmed, successful proof-of-concept development could accelerate integration, helping institutions prepare for a financial system where tokenisation plays a central role.
Conclusion
Swift’s move to build a blockchain-based ledger represents more than a technological upgrade; it signals a strategic evolution in global finance.
By combining its trusted infrastructure with distributed ledger technology, Swift is setting the stage for regulated institutions to embrace tokenisation without abandoning established systems.
If successful, the initiative could provide the backbone for the next era of cross-border payments, one where efficiency, transparency, and 24/7 availability become the norm.