Swift Develops Blockchain System For 24/7 Transfers
Swift has announced plans to build a blockchain-based shared ledger for its technology infrastructure, marking a major step in expanding the global payments network into digital asset settlement.
The Brussels-based organization is working with more than 30 financial institutions across 16 countries to design the ledger, initially focused on enabling real-time, 24/7 cross-border payments. Swift is collaborating with Consensys to develop a prototype, with phase one expected to be completed quickly before defining the next stages.
This initiative builds on Swift’s two years of digital asset trials, including testing interoperability between DLT and existing fiat rails. The ledger will allow banks to transfer tokenized value in digital ecosystems, recording and validating transactions through smart contracts, and ensuring connectivity with both traditional and emerging networks.
CEO Javier Pérez-Tasso said at the Sibos conference in Frankfurt: “We are moving with our community to create the infrastructure stack of the future. This initial ledger concept paves the way for financial institutions to elevate the payments experience.”
Swift, which currently connects over 11,000 financial institutions across 200+ countries, is evolving beyond its traditional financial messaging role into digital settlement infrastructure. Instead of dictating which tokens to use, Swift will provide the underlying framework, while banks and central banks decide on token applications.
Major global banks participating include Bank of America, Citi, JPMorgan, HSBC, Deutsche Bank, BNP Paribas, Santander, Standard Chartered, Wells Fargo, along with Asian players such as DBS, OCBC, UOB, MUFG, Mizuho, and Shinhan Bank.
Singapore’s three major banks expressed strong support. DBS Bank emphasized the project’s ability to combine interoperability, security, and scale to potentially form the backbone of global financial infrastructure. OCBC highlighted greater transparency and efficiency for retail and corporate clients, while UOB said the initiative would reshape payments across ASEAN.
Alongside the ledger project, Swift will also roll out solutions to connect traditional systems with blockchain networks, supporting both private and public platforms for synchronized, efficient transactions. This dual approach reflects Swift’s strategy of upgrading fiat rails while preparing for digital finance.
The blockchain ledger will maintain Swift’s standards of trust, security, and compliance, ensuring resilience for the global financial system. Its neutral position and vast global network give Swift an advantage in setting widely adopted digital standards.
The initiative comes as banks worldwide explore tokenization, CBDCs, stablecoins, and digital securities. After completing the prototype and proof of concept, Swift will work with its global partners on rollout strategies, though no launch date has been announced.
The new blockchain ledger could accelerate institutional adoption of tokenized assets by providing familiar, trusted infrastructure built for compliance, risk management, and operational integration.
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