Global Payments Giant Moves Toward Real-Time Blockchain Solutions
The Society for Worldwide Interbank Financial Telecommunication (Swift) has announced a new partnership with Ethereum ecosystem developer Consensys and more than 30 financial institutions to create a blockchain-based settlement system aimed at enabling real-time, 24/7 cross-border payments.
Building Infrastructure for Future Finance
According to Swift, the project’s first phase will focus on developing a prototype ledger for instant transaction settlement. The design will ensure interoperability with “existing and emerging networks” while maintaining regulatory compliance.
A Swift spokesperson stated that the new ledger will extend the company’s historic role in financial communication into a digital and tokenized environment. The system is expected to eventually support the exchange of tokenized assets, with central and commercial banks determining the specific types of tokens.
“This initiative reflects how blockchain is evolving into a core infrastructure for global finance,” . “Swift’s involvement could set the stage for mainstream adoption of tokenized settlement.”
Why This Matters
Swift processes transactions for over 11,500 institutions across 200 countries, serving as the backbone of international payments. While Swift itself does not transfer money, its messaging network ensures secure, standardized communication between banks.
The integration of blockchain could significantly reduce settlement times, errors, and fraud risks. Analysts also point out that because there are few alternatives to Swift, the adoption of blockchain could reshape how sanctions and compliance rules impact cross-border transactions.
Expanding Blockchain Exploration
This partnership is not Swift’s first blockchain move. In 2024, the company tested tokenized fund processes with UBS Asset Management and Chainlink under the Monetary Authority of Singapore’s Project Guardian. Later that year, Swift began digital asset trials with banks across North America, Europe, and Asia.
Industry experts note that this latest collaboration with Consensys demonstrates that Swift is transitioning from experimentation to real-world deployment, signaling a shift in how global payments will be managed in the coming years.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.