Brussels, Belgium — September 29, 2025 — SWIFT said it is developing a blockchain-based shared ledger in collaboration with more than 30 global financial institutions, aimed at enabling real-time, 24/7 cross-border payments. The initiative marks an expansion of its infrastructure strategy as the industry explores digital asset-based payment models.
The project will begin with a conceptual prototype built with Consensys, focusing initially on cross-border payments. SWIFT said the ledger is intended to support the movement of regulated tokenised value while maintaining interoperability with existing financial systems.
Building Digital Infrastructure for Payments
The proposed ledger will act as a secure, shared record of transactions between financial institutions. It is designed to validate and sequence transactions in real time and apply rules using smart contracts, according to the announcement.
SWIFT said the infrastructure will be built to work across both existing payment rails and emerging digital asset networks, including private and public systems. The organisation is also developing solutions to coordinate transactions between these systems to ensure consistency and efficiency across use cases.
The initiative forms part of a broader strategy to upgrade current payment rails while developing new digital infrastructure. SWIFT said it aims to support multiple forms of value transfer, including tokenised assets, as financial institutions expand their digital capabilities.
Global Bank Participation and Industry Collaboration
More than 30 banks from 16 countries are involved in the design phase, including Banco Santander, HSBC, JPMorgan Chase, BNP Paribas, Deutsche Bank and Standard Chartered. These institutions are contributing to the development of the ledger and providing feedback on its design and potential applications.
Industry participants said the initiative could improve transparency, interoperability and settlement speed in cross-border payments, particularly as demand grows for continuous, always-on transaction capabilities.
SWIFT said that following the prototype phase, it will work with its global network to determine implementation and scaling of the system.
Context: Shift Toward Always-On Trade Payments
The move comes as banks and financial infrastructure providers invest in technologies such as blockchain and tokenisation to modernise cross-border payments. These developments are particularly relevant for trade finance and global supply chains, where settlement delays and fragmented systems remain key challenges.
Efforts to enable real-time payments across jurisdictions are increasingly linked to broader initiatives in digital trade, including the integration of payment flows with trade documentation and financing processes.
Digital Trade Outlook’s View: SWIFT
Digital Trade Outlook Analysis
SWIFT’s approach signals a shift toward integrating blockchain within existing financial infrastructure rather than replacing it. This could accelerate adoption by aligning digital asset capabilities with established global payment networks.
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