Key Takeaways
- Swift is building a blockchain-based transaction ledger in collaboration with over 30 major financial institutions, aiming to modernize cross-border payments with real-time, 24/7 functionality.
- The prototype will be developed using blockchain technology from Consensys, the Ethereum-linked software firm, marking another step in Swift’s long-term push into digital finance.
- Backers like JPMorgan, HSBC, Bank of America, and Deutsche Bank are already actively involved in blockchain, stablecoin, or tokenized finance projects, positioning them as natural partners in Swift’s new venture.
- While Swift has not set a timeline for deployment, the initiative reflects a growing consensus among top-tier banks that the time has come to collectively embrace blockchain infrastructure.
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Swift is developing a blockchain-powered transaction ledger in partnership with more than 30 major financial institutions, including JPMorgan Chase, HSBC, Bank of America, and Deutsche Bank.
According to Bloomberg, the ledger is still in its early stages, with plans centered on enabling real-time, around-the-clock cross-border payments. The underlying technology will be developed by Consensys, a U.S. blockchain firm founded by Ethereum’s Joseph Lubin.
While Swift has not provided a specific launch timeline, it described the project as central to its goal of supporting all forms of value transfer and preparing the financial sector for a digital future.
“In conversation with these institutions, you clearly feel that the moment is now to bring the collaboration together,” said Thierry Chilosi, Swift’s Chief Business Officer, speaking at the Sibos conference in Frankfurt, where the initiative was unveiled amid broader discussions on the industry’s digital future.
SWIFT’s Partnres Deepen Their Bet on Blockchain and Tokenized Finance
The institutions backing Swift’s new blockchain ledger aren’t newcomers to digital finance.
JPMorgan Chase, for example, has been a front-runner with its blockchain-based payment token, JPM Coin, and has expanded its infrastructure under its Kinexys platform, previously known as Onyx. The bank has also tested smart contracts in unconventional settings, including a satellite-based transaction trial, and recently teamed up with Coinbase to simplify crypto-to-bank transfers.
HSBC has also made its stance clear, adopting tokenized deposits and participating in U.K. trials aimed at modernizing the financial system’s core rails. It’s also an investor in Consensys, the very blockchain firm now powering Swift’s prototype.
Bank of America has also indicated plans to issue its own stablecoin, though details remain unclear.
Meanwhile, Deutsche Bank is preparing to launch a crypto custody platform by 2026 and is actively exploring tokenized deposits as part of its broader digital strategy.
These initiatives paint a broader picture of an industry steadily shifting toward programmable, real-time financial systems built on blockchain technology.
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