SWIFT, a global financial messaging network, has joined forces with more than 30 major banks to develop a blockchain-based system aimed at making cross-border payments instant, cheaper, and more efficient.
The initiative will focus first on creating a shared digital ledger capable of handling real-time, 24/7 international transactions. The prototype is being built using technology from U.S. blockchain firm Consensys, founded by Ethereum co-creator Joseph Lubin.
SWIFT, which processes tens of millions of financial messages a day across its network of 11,500 institutions in over 200 countries, said the move is part of its strategy to “ready the industry for digital finance.”
Participating banks include JPMorgan Chase, HSBC, Bank of America, Deutsche Bank, BNP Paribas, MUFG, Santander, and several Middle Eastern and African institutions.
The ledger will also be designed to support stablecoins, tokenized deposits, and central bank digital currencies (CBDCs), ensuring interoperability with emerging digital finance systems. This builds on years of blockchain experiments by SWIFT, including its role in Singapore’s Project Guardian.
“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,” said Javier Perez-Tasso, CEO of SWIFT.
While no timeline has been set, the project reflects growing pressure on financial institutions to modernize international payments and keep pace with the rapid rise of stablecoins, which Citi estimates could reach $4 trillion in circulation by 2030.
By embedding blockchain into its global infrastructure, SWIFT aims to preserve its central role in international finance while adapting to a digital-first future.
