SWIFT Teams Up with 30 Global Financial Institutions and ConsenSys to Pioneer Blockchain-Based Ledger

SWIFT, the global interbank messaging giant, is spearheading an ambitious initiative to revolutionize cross-border payment systems. Partnering with over 30 top-tier financial institutions and Ethereum-based software firm ConsenSys, SWIFT is set to develop a shared blockchain-powered ledger. The primary aim of this groundbreaking effort is to enable seamless, real-time, 24/7 cross-border financial transactions.

The announcement was made during the prestigious Sibos 2025 event, catching the attention of the global banking and blockchain communities. Javier Pérez-Tasso, CEO of SWIFT, noted the potential of this initiative: "With this initial ledger concept, we aim to elevate the payment experience for financial institutions by building on SWIFT’s trusted and proven platform."

Leading Financial Institutions Join Forces

Integral to the success of this initiative is the broad participation of major financial institutions, including JPMorgan, HSBC, and Bank of America. These industry giants will contribute to the initial design and prototyping, as well as collaboratively shape the multi-phase roadmap for the ledger’s long-term development.

The shared ledger promises to enhance accessibility to regulated tokenized assets, fostering a more streamlined approach to adopting blockchain technology within the traditional financial framework. SWIFT emphasized its commitment to creating a secure, inclusive environment for these transactions. As part of its plans, SWIFT will deploy a comprehensive connectivity solution designed to support both private and public blockchain networks.

Blockchain Prototype Development with ConsenSys

For the technical backbone of this ambitious system, SWIFT has enlisted ConsenSys, a renowned blockchain software firm specializing in Ethereum technology. ConsenSys will play a key role in developing the ledger prototype, which will leverage the core strengths of blockchain, including resilience, security, and scalability.

A distinguishing feature of the ledger is its reliance on smart contracts to manage transaction records, validate processes, and ensure compliance with evolving global regulations. This level of automation and precision is expected to reshape operational efficiencies across the financial industry.

Interestingly, SWIFT elected to use ConsenSys’ Layer 2 blockchain network, Linea, over Ripple’s XRP Ledger (XRPL) for this pilot project. This strategic choice underscores SWIFT’s commitment to innovation, marrying interbank communication protocols with the robust capabilities of blockchain.

Integrating SWIFT’s Infrastructure with Central Bank Sovereignty

In addition to facilitating blockchain integration, SWIFT will focus on providing the foundational infrastructure necessary for the ledger’s functionality. Central banks, however, will maintain full control over decisions regarding which tokens are utilized within the system. This decentralization empowers individual governments and their monetary policies, allowing them to adapt to their respective domestic needs while benefiting from a shared, global platform.

This effort extends SWIFT’s ongoing exploration of blockchain. Past collaborations, such as those with Chainlink, have sought to connect traditional financial systems with blockchain via standardized messaging protocols. With this initiative, SWIFT further demonstrates its dedication to staying at the cutting edge of financial innovation.

Transforming the Global Financial Ecosystem

As blockchain technology gains momentum in the global financial landscape, this collaboration marks a crucial step toward redefining the efficiency, transparency, and security of cross-border transactions. By leveraging industry-leading expertise from both traditional banking and blockchain spheres, SWIFT and its partners are poised to unlock unprecedented potential for the seamless flow of capital on a worldwide scale.

This initiative not only sets the stage for faster, more secure international payments but also accelerates the broader adoption of blockchain in regulated financial systems. The collaboration between financial powerhouses, coupled with innovative blockchain solutions, could prove pivotal as the industry evolves toward a new frontier in global banking.