SWIFT, ConsenSys Explore Ethereum-Linked Ledger for 24/7 Real-Time Cross-Border Payments

  • SWIFT partners with Consensys and 30+ institutions to build a blockchain for 24/7 cross-border payments.

  • Primary goals: real-time settlement, interoperability with existing networks, and regulatory compliance.

  • SWIFT supports over 11,500 institutions in 200+ countries; the new ledger will support tokenized assets determined by banks.

SWIFT blockchain settlement: SWIFT and Consensys build 24/7 real-time cross-border payments; read the update and implications for tokenized assets.

What is SWIFT’s blockchain settlement system?

SWIFT’s blockchain settlement system is a distributed ledger prototype, built with Consensys and over 30 financial institutions, designed to provide real-time (24/7) cross-border settlement while ensuring interoperability and regulatory compliance. The ledger will enable controlled exchange of tokenized assets as determined by central and commercial banks.

How will SWIFT and Consensys build the system?

Consensys will develop the conceptual prototype in Phase 1, defining architecture, governance and interoperability requirements. The focus is on a secure transaction log for financial institutions, balancing shared-ledger capabilities with SWIFT’s messaging strengths to reduce data duplication and preserve compliance.

Why does this matter to traditional finance?

Blockchain adoption by SWIFT signals a shift where legacy payment rails integrate ledger-based settlement. SWIFT underpins global interbank messaging for more than 11,500 institutions across 200+ countries, so ledger integration could materially change settlement speed and transparency for cross-border flows.

When did SWIFT start exploring these technologies?

SWIFT began formally recognising tokenization and shared-ledger models in March 2024 and has since run pilots. In late 2024 the network integrated tokenized fund processes with UBS Asset Management and Chainlink as part of Project Guardian led by the Monetary Authority of Singapore. Additional regional trials for digital asset access followed in late 2024.

How will the ledger interact with existing systems?

Interoperability is a stated objective: the ledger is being designed to connect with both existing messaging layers and emerging networks. SWIFT plans the ledger to complement its messaging role, reducing the need for high-volume data storage on shared ledgers while enabling a secure, synchronized transaction record across participants.

What assets will be supported on the SWIFT ledger?

SWIFT will support the exchange of tokenized assets, but specific asset classes and token formats will be defined by central banks and commercial banks participating in governance. The platform aims to be asset-agnostic while enforcing compliance and auditability.


Frequently Asked Questions

How soon could the SWIFT blockchain affect cross-border payments?

Phase 1 focuses on a conceptual prototype by Consensys; production timelines will depend on pilot outcomes, regulatory approvals and bank adoption. Widespread impact is likely to be gradual as governance and interoperability are finalized.

Can banks still use SWIFT messaging alongside the ledger?

Yes. SWIFT expects its messaging layer to coexist with the ledger, providing data efficiency and reducing duplication while enabling ledger-based settlement where appropriate.

Key Takeaways

  • Strategic move: SWIFT is building a ledger to modernize cross-border settlement and extend its messaging authority into a digital ledger environment.
  • Consensys role: Consensys will deliver the Phase 1 conceptual prototype and define future implementation phases.
  • Practical impact: Expect improved settlement speed, tokenized-asset exchange capability, and a focus on interoperability and compliance.

Conclusion

SWIFT’s collaboration with Consensys and dozens of banks marks a notable step toward integrating shared-ledger settlement into global finance. The initiative is designed to enable real-time cross-border payments, support tokenized assets under bank-led governance, and preserve compliance through interoperability with existing systems. Follow updates as pilots and governance frameworks progress.

Published by COINOTAG — Report date: . Sources referenced: SWIFT announcement, internal SWIFT materials, UBS Asset Management, Chainlink, Monetary Authority of Singapore, US Federal Reserve Bank of New York (plain text references).

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