Swift, the global financial messaging network, will deploy a new blockchain-based ledger on Ethereum. This network will be created in conjunction with Consensys, the developers of the MetaMask wallet and the Line network, another Ethereum layer 2 network. The announcement was made during the Sibos conference in Frankfurt.
This new SWIFT network, which would involve the participation of 30 financial institutions, seeks to accelerate cross-border payments in real time, 24 hours a day, in more than 200 territories.
It's a prototype ledger that records, sequences, and validates smart contract transactions. It will be compatible with regulated forms of tokenized value and interoperable with other cryptocurrencies.
Consensys is working on Línea, a second layer of Ethereum whose airdrops will give away approximately 85% of the supply of its native currency.
Swift plans to complete the first phase of the conceptual prototype in an accelerated manner, maintaining interoperability with existing and emerging systems, both private (such as institutional-grade versions of the XRPL) and public (Ethereum, Line, and other networks).
This expansion expands Swift's role in the digital landscape. "Through this initial ledger concept, we are paving the way for financial institutions to elevate the payments experience to the next level with Swift's proven and trusted platform at the center of the industry's digital transformation," said Javier Pérez-Tasso, CEO of Swift.
Collaborating entities include Bank of America, BBVA, Citi, Deutsche Bank, HSBC and JP Morgan Chase , which provide feedback on the design.
Nigel Dobson, head of banking services at ANZ, said: "We believe this can be a powerful infrastructure upgrade and a pivotal step toward global, instant, always-on cross-border transactions."
The ledger is part of Swift's strategy to innovate in parallel: upgrading existing fiat rails while creating advanced digital payment rails, enabling greater infrastructure diversity.
Institutions such as BNP Paribas and Standard Chartered highlighted the benefits of 24/7 payments in terms of efficiency and transparency.
Eva Rubio, head of global transaction banking at BBVA, added: "The ability to settle regulated securities in real time, with the reliability and security the industry expects from Swift, will unlock new efficiencies and opportunities for our clients."
Other figures in traditional finance also spoke out:
The integration of blockchain technology into the Swift platform represents a major advancement for international payments and will be highly beneficial to the industry. This collaboration will allow us to offer enhanced services to our customers. We are pleased to help meet the growing demand for innovative forms of instant and secure global transactions.
Brigitte Réthier, Commerzbank Sales Board Member.
Brussels-based Swift connects more than 11,000 institutions across its global network, and this move responds to the growing adoption of digital assets in cross-border finance.
