The SWIFT on Monday stated it has partnered with greater than 30 international monetary establishments and Ethereum blockchain software program firm Consensys to develop a shared blockchain-based ledger. The worldwide banking system plans to primarily concentrate on real-time 24/7 cross-border funds.
SWIFT Unveils Blockchain Ledger Plans with Consensys
In the course of the Sibos 2025 occasion on September 29, the Society for Worldwide Interbank Monetary Telecommunication (SWIFT) disclosed plans to launch a brand new blockchain-based ledger. This marks a groundbreaking second for the worldwide monetary system and the blockchain trade.
“By way of this preliminary ledger idea we’re paving the best way for monetary establishments to take the funds expertise to the following degree with Swift’s confirmed and trusted platform on the centre of the trade’s digital transformation,” stated Swift CEO Javier Perez-Tasso.
Over 30 monetary establishments globally, resembling JPMorgan, HSBC and Financial institution of America, are aiding in growing the shared digital ledger, with real-time 24/7 cross-border funds because the preliminary focus. The establishments will present suggestions on the design of the ledger and implement the prototype in section one, and outline its future phases of labor.
This may additional broaden the accessibility to regulated tokenized property and increase blockchain use circumstances within the monetary system. Additionally, the SWIFT will roll out shopper options to attach totally different methods, supporting each personal and public networks to make sure protected and safe transactions.
Partnership with Consensys
SWIFT has partnered with Ethereum blockchain software program agency Consensys to construct the prototype of the shared ledger. The blockchain ledger will leverage the system’s resiliency, safety, and scalability to bolster cross-border transaction facilitation. The ledger will document, sequence, and validate transactions and implement guidelines via good contracts.
The worldwide banking system has chosen ConsenSys’ L2 community Linea over Ripple’s XRPL for a pilot venture geared toward transitioning interbank messaging and communications on-chain.
The ledger will broaden the monetary communication system’s position into blockchain, serving to banks to scale the motion of regulated tokenized worth throughout these digital ecosystems. SWIFT will solely concentrate on the infrastructure, with the sorts of tokens eligible on the ledger relying on the central banks.
Notably, SWIFT has labored with Chainlink on quite a few initiatives to bridge monetary establishments to blockchain networks utilizing their current infrastructure and messaging requirements.
