Swift has announced a major collaboration with Ethereum ecosystem developer Consensys and more than 30 financial institutions to build a blockchain-based settlement platform. The new system is designed to enable real-time 24/7 cross-border payments and expand the role of the Swift network into the digital asset economy.
Building a new digital backbone for global finance
The Society for Worldwide Interbank Financial Telecommunication (Swift) revealed on Monday that its new blockchain initiative will serve as a secure, real-time log of transactions between financial institutions. One of the main goals is to ensure interoperability with both existing and emerging networks while maintaining regulatory compliance.
Consensys has been tasked with developing the conceptual prototype in the first phase and helping define future stages of the project. According to Swift, the ledger will extend its existing financial communication role into a digital environment. The platform will also support tokenised assets, although the types of tokens will ultimately be determined by central and commercial banks.
Why it matters for cross-border payments
Swift is one of the most important pieces of global financial infrastructure, providing an interbank messaging service that underpins international payments. More than 11,500 institutions in over 200 countries rely on the network to process transactions. While Swift does not move money directly, it reduces errors and helps prevent fraud.
Because there are few viable alternatives, sanctions that restrict access to Swift are particularly costly for targeted entities. A report by the Federal Reserve Bank of New York has noted that exclusion from the network effectively cuts off banks or countries from much of the global financial system.
Expanding blockchain adoption in traditional finance
Blockchain technology, once criticised as a solution looking for a problem, is increasingly being adopted within traditional finance. Swift’s latest project reflects this shift, aiming to integrate distributed ledger technology with existing systems that support international commerce.
The organisation said its vision is to create infrastructure that combines the transparency and speed of blockchain with the stability and compliance requirements of regulated financial institutions.
Swift’s recent blockchain experiments
This is not Swift’s first exploration of blockchain. In March 2024, the organisation highlighted the potential of tokenisation and shared ledger systems, while also stressing the importance of its messaging layer due to the inefficiency of ledgers in handling large volumes of data.
Later in 2024, Swift partnered with UBS Asset Management and Chainlink as part of the Monetary Authority of Singapore’s Project Guardian. That project demonstrated how its financial messaging service could connect tokenised funds with fiat payment systems.
In November 2024, Swift also announced trials with banks across North America, Europe and Asia to test the use of digital assets on its network. The experiments were aimed at providing unified access to multiple asset classes and currencies in tokenised form.
A step toward the future of payments
The new collaboration with Consensys and over 30 financial institutions marks a significant move toward embedding blockchain in mainstream financial operations. If successful, Swift’s blockchain settlement system could become a core element of international finance, combining the trust of established infrastructure with the efficiency of decentralised technology.
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