Swift And Top Global Banks Working On Blockchain-Based Overhaul
Global financial messaging network SWIFT has announced a major infrastructure upgrade, joining forces with over 30 top banks to build a blockchain-based shared digital ledger. The goal is to make cross-border payments instant, cheaper, and compatible with emerging digital currencies. The announcement was made at SWIFT’s flagship Sibos conference in Frankfurt and marks a turning point in how traditional finance approaches digital transformation.
SWIFT confirmed that the new system will support real-time, 24/7 cross-border transactions
The ledger will “record, sequence, and validate transactions and enforce rules through smart contracts”. This marks a shift from SWIFT’s legacy role as a messaging intermediary to a direct infrastructure provider in the digital finance space.
According to Javier Pérez-Tasso, CEO of SWIFT, “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.”
The first phase includes a conceptual prototype developed by blockchain firm Consensys. Financial institutions from 16 countries are providing feedback on the design.
Who’s Building It?
The group of banks helping design and build the ledger includes:
| Bank Name | Region | Notable Role |
| JPMorgan | North America (USA) | Global payments and blockchain leadership |
| HSBC | Europe/Asia (UK/Hong Kong) | Cross-border infrastructure contributor |
| Deutsche Bank | Europe (Germany) | Eurozone integration and compliance |
| MUFG | Asia (Japan) | CBDC and tokenized deposit testing |
| BNP Paribas | Europe (France) | Ledger design and interoperability |
| Santander | Europe/Latin America (Spain) | Retail and digital payments expertise |
| OCBC | Asia (Singapore) | Southeast Asia financial integration |
| Regional Banks | Middle East & Africa | Local currency and cross-border pilots |
According to Asharq Al-Awsat, SWIFT’s existing network already connects over 11,000 banks across more than 200 countries. It handles trillions of dollars in daily transactions.
This global reach gives SWIFT a unique advantage in rolling out a blockchain-based system at scale. SWIFT now doesn’t need to rebuild trust or a compliance framework from scratch.
The Overhaul Comes As Digital Money Gains Traction Worldwide
A recent Citi report estimates that up to $4 trillion worth of stablecoins could be in circulation by 2030, with $100 trillion in annual trade conducted using them. Meanwhile, 90% of central banks are exploring digital versions of their currencies.
SWIFT aims to make its systems interoperable with these new forms of money. “The types of tokens that will be exchanged on the ledger are the territory of commercial and central banks, and Swift will work with them on how to complement and make use of this new infrastructure.”
Swift’s Approach Is To Offer A Trusted, Neutral, and Compliant Infrastructure
The ledger will be permissioned, and only approved institutions can participate, ensuring regulatory oversight while enabling innovation.
Eric Trump, son of U.S. President Donald Trump and a vocal crypto advocate, recently described SWIFT as “antiquated”.
SWIFT’s response has been to evolve rather than defend its legacy. By integrating blockchain, it hopes to retain the compliance and resilience features that banks still rely on.
Beyond Speed and Cost, It’s Control, Interoperability, and Trust
SWIFT is not launching its own digital currency or blockchain. Instead, it’s building a shared infrastructure that lets banks and regulators stay in charge.
This avoids the regulatory risks faced by decentralized platforms. It also positions SWIFT as a bridge, not a competitor, to digital finance.
The project also sidesteps the hype around decentralization. SWIFT’s ledger will be interoperable with both public and private networks. However, it will maintain the centralized compliance standards that global finance depends on.
There Is No Fixed Timeline For Rollout
SWIFT says it is “working at pace”. However, the complexity of integrating with central banks, commercial institutions, and multiple blockchain networks means progress will be gradual. The first use case is just the beginning. SWIFT is no longer just a messaging service. It is becoming a digital backbone for global finance.
