The SWIFT on Monday said it has partnered with more than 30 global financial institutions and Ethereum blockchain software company Consensys to develop a shared blockchain-based ledger. The global banking system plans to primarily focus on real-time 24/7 cross-border payments.
SWIFT Unveils Blockchain Ledger Plans with Consensys
During the Sibos 2025 event on September 29, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) disclosed plans to launch a new blockchain-based ledger. This marks a groundbreaking moment for the global financial system and the blockchain industry.
“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,” said Swift CEO Javier Perez-Tasso.
Over 30 financial institutions globally, such as JPMorgan, HSBC and Bank of America, are assisting in developing the shared digital ledger, with real-time 24/7 cross-border payments as the initial focus. The institutions will provide feedback on the design of the ledger and implement the prototype in phase one, and define its future phases of work.
Financial Institutions Assisting in Shared Blockchain LedgerThis will further expand the accessibility to regulated tokenized assets and boost blockchain use cases in the financial system. Also, the SWIFT will roll out client solutions to connect different systems, supporting both private and public networks to ensure safe and secure transactions.
Partnership with Consensys
SWIFT has partnered with Ethereum blockchain software firm Consensys to build the prototype of the shared ledger. The blockchain ledger will leverage the system’s resiliency, security, and scalability to bolster cross-border transaction facilitation. The ledger will record, sequence, and validate transactions and enforce rules through smart contracts.
The global banking system has selected ConsenSys’ L2 network Linea over Ripple’s XRPL for a pilot project aimed at transitioning interbank messaging and communications on-chain.
The ledger will expand the financial communication system’s role into blockchain, helping banks to scale the movement of regulated tokenized value across these digital ecosystems. SWIFT will only focus on the infrastructure, with the types of tokens eligible on the ledger depending on the central banks.
Notably, SWIFT has worked with Chainlink on numerous initiatives to bridge financial institutions to blockchain networks using their existing infrastructure and messaging standards.
Source: https://coingape.com/swift-banks-consensys-announce-shared-blockchain-ledger-for-global-payments/
