Swift Develops Blockchain Ledger with Consensys and Over 30 Banks
Swift announced the development of a blockchain-based shared ledger for cross-border transactions, aiming for instant, 24/7 payments across its network in over 200 countries.
- Swift is collaborating with Consensys and over 30 financial institutions, including JPMorgan, HSBC, and Deutsche Bank.
- The ledger will offer a trusted platform for regulated, tokenized value transfers, using smart contracts for real-time transaction security and validation.
- Interoperability allows integration with existing financial systems and other blockchain networks.
Swift CEO calls it a step towards an "infrastructure stack of the future," enhancing payment experiences through Swift's platform.
Bank Support
- Major banks like Bank of America support the initiative for its transparency and interoperability benefits.
- Seen as foundational for a resilient financial ecosystem amid expanding tokenized assets markets.
This project is part of Swift's dual-track strategy to upgrade traditional payment systems and build digital asset infrastructure.
- Aligns with industry trends of integrating blockchain into finance, similar to recent Swiss and European banking projects.