The Society for Worldwide Interbank Financial Telecommunication (SWIFT) announced a key step in the modernization of the international financial system: together with more than 30 top-tier financial institutions and the blockchain firm ConsenSys, it will develop a shared blockchain-based ledger to streamline cross-border payments.
The announcement was made during Sibos 2025, the annual conference that brings together the global banking community. As explained by the CEO of Swift, Javier Pérez-Tasso, "through this initial ledger concept we are paving the way for financial institutions to take the payment experience to the next level, with Swift's proven and reliable platform at the heart of the industry's digital transformation."
30 global banks in the first phase
Among the entities participating in the development are JPMorgan, HSBC, and Bank of America, which will collaborate in the design and implementation of the prototype, as well as provide feedback to define the future phases of the project. The initial goal is to enable real-time cross-border payments, available 24/7, something that still represents a challenge for the traditional financial system today.
The shared ledger will expand access to regulated tokenized assets and multiply the use cases of blockchain in finance. SWIFT also plans to deploy solutions to connect different systems, both in public and private networks, ensuring secure transactions compliant with regulatory standards.
The role of ConsenSys
For the technical development, SWIFT chose ConsenSys, the company that creates infrastructure on Ethereum. The prototype will be built on Linea, ConsenSys' layer 2 network, selected for its scalability, security, and resilience. Through smart contracts, the system will register, validate, and order operations, as well as apply automatic compliance rules.
This move contrasts with Ripple, whose XRPL protocol was considered for years as the natural option for interbank payments. Instead, the pilot project will rely on the Ethereum ecosystem, reinforcing its weight within the institutional financial sector.
SWIFT in the blockchain era
The initiative expands the role of SWIFT, which historically functioned as a messaging system between banks, towards a role of shared blockchain infrastructure for value transfer. The type of tokens that can circulate on the ledger will depend on the decisions of each central bank and the evolution of regulations.
It is worth noting that in recent years SWIFT has also worked with Chainlink on tests to bridge financial institutions and different blockchain networks, leveraging its existing infrastructure and messaging standards.
With this announcement, the organization that connects the global financial system seeks to make a technological leap and lay the groundwork for a new standard in international payments.
