New Network Targets 24/7 Cross-Border Payments

Swift said the new ledger will extend its long-standing role in financial communications “into a digital environment,” offering interoperability with both current banking systems and emerging blockchain networks while maintaining strict regulatory compliance.

Consensys will design the initial prototype and outline future development phases. The platform is also expected to support tokenized assets, with the specific asset types to be determined by central and commercial banks.

Swift’s influence on international finance is immense. Over 11,500 institutions in more than 200 countries use its network to securely exchange payment instructions every day. While Swift does not move money itself, its messaging services reduce errors and fraud risk.

Because so many banks rely on the network, losing access—often through sanctions—can effectively isolate a country or institution from the global financial system. A report from the Federal Reserve Bank of New York noted that restrictions on Swift access have become “particularly costly for sanctioned entities.”

Expanding a Critical Global Payments Backbone

The move into blockchain reflects Swift’s recognition of changing technology in traditional finance. Once viewed as a niche innovation, shared ledgers are increasingly embraced by banks and asset managers. Swift highlighted that blockchains alone are not ideal for storing large volumes of data due to synchronization and computing demands, making a messaging layer like Swift’s valuable in a hybrid system.

This initiative follows several earlier blockchain experiments. In March 2024, Swift endorsed tokenization and the shared‑ledger model, emphasizing its own role as a messaging bridge.

By November 2024, it collaborated with UBS Asset Management and Chainlink under the Monetary Authority of Singapore’s Project Guardian to integrate tokenized fund processes with fiat payment systems. Later that year, Swift began digital‑asset trials with banks across North America, Europe, and Asia to explore unified access to multiple digital asset classes and currencies.

By working with Consensys and a broad group of global institutions, Swift aims to position itself at the center of next‑generation payments.