The global communication network Swift, which provides secure interbank financial messaging and payment infrastructure across over 200 countries and regions, announced during the annual Sibos conference in Frankfurt that it will be adding a Blockchain-based shared digital ledger to the global financial system. This initiative aims to make instant and seamless international payments more secure and scalable. Initially, a conceptual prototype will be developed by Consensys with over 30 financial institutions participating in the process.
Digital Ledger for Instant Payments
According to the press release, the new digital ledger will record, order, and verify transactions between financial institutions. The first application targets 24/7 real-time cross-border payments. Rules will be enforced through smart contracts, and the secure transfer of regulated tokens will be facilitated.
The ledger is designed to be compatible with existing payment infrastructures. This ensures it aligns with current systems and remains open to integration with emerging digital networks. Banks will decide which types of tokens to use, while Swift will provide the technology that enables transactions.
CEO Javier Pérez‑Tasso noted that Swift continues to modernize the global payment infrastructure while also developing forward‑looking digital solutions. This is intended to enhance the payment experiences of financial institutions.
Advancing Through Global Collaboration
Currently, financial institutions from 16 countries are providing feedback on the ledger’s design. Upon completion of the prototype phase, Swift will advance to the implementation phase in collaboration with the global community. This approach aligns with the goal of developing a common standard for cross‑border payments.
Swift’s past interoperability tests measured the compatibility of different payment systems. The new ledger plan builds on these experiences to offer a more comprehensive infrastructure. The system will connect with both existing networks and future digital solutions, allowing financial institutions to increase transaction speed and leverage the opportunities presented by digitalization on a larger scale.