Swift integrates blockchain-based shared ledgers into the infrastructure stack for interoperability with existing and emerging networks, while maintaining compatibility with cross-border payments, tokenized value, and requirements for trust, resilience and compliance. For now, this is just a prototype the company is developing at Consensy, but it is already a clear signal that blockchain is affecting the dominant providers of global financial infrastructure.
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Swift explains that shared ledgers will enforce rules via smart contracts, with secure, real-time transaction logs between financial institutions that record, order and verify operations. At the same time, the architecture strictly separates the infrastructure from issuing and token types. Swift focuses on reliability and scalability mechanisms, with token characteristics and modes of use within the authority of commercial and central banks.
Why is there such a strong emphasis on this? This should allow ledgers to be adapted to existing regulatory and supervision processes without changing the issuer’s duties, while also allowing them to create a single technology layer to synchronize rules and ensure compliance. Therefore, Swift will outline two parallel development tracks and will simultaneously modernize existing FIAT rails and create digital rails in simultaneously to maintain the predictability of mainstream use cases and give the industry a trajectory to tokenized and valuable real-time settlements.
The role of consensy and interoperability as a main focus
In the first step, Swift is working on a prototype with Consensey, then plans to complete phase 1 and define a further phase of the work. As a key focus, ledgers are built with an eye on compatibility between different systems, such as orchestration between DLT and traditional currency rails. This removes binary splits between the “new” and “old” networks, and shifts the task to the harmonious status and rules domain.
Swift CEO Javier Pérez-Tasso highlights the continuity between current rails and their evolution.
“We are today providing strong and effective rails, moving quickly with our community and creating infrastructure stacks for the future. Through this first ledger concept, we are holding ways for financial institutions to get payment experiences to the next level on Swift’s proven and trustworthy platform at the heart of the digital transformation of the industry.”
Major players on board
Support for this initiative is extensive. In particular, Swift points out that financial institutions in 16 countries provide feedback on ledger design, including ANZ, Bank of America, BBVA, BNP Paribas, BNY, Citi, Crédit Agricole, DBS, Deutsche Bank, Emirates NBD, First Abu Dhabi Bank, HSBC, Natwest, Standard Chartered fargo, Wethers, Wethers, hsbc, emirates nbd, emirates nbd, emirates nbd, emirates nbd, emirates nbd, emirates nbd, emirates nbd, emirates nbd.
For example, AJ McCray, Global Payment Director for Global Payments Solutions at Bank of America, said:
“As the cross-border payment environment continues to evolve with new technologies and innovation, our clients are making payments even bigger and bigger. Digital shared ledgers created with rapid communities provide transparency and interoperability, providing two priorities to effectively manage international payments in the 24/7 world.”
Debopama Sen, Payment Manager, Services, City:
“The launch of a robust 24/7 ledger has always been a key enabler for on payments and liquidity. We are excited about Swift’s initiative to work with the community on this basic infrastructure.”
Web2 appears to be in Web3, but it hasn’t disappeared
Of course, all of these are just initiatives and the path to a single prototype might turn out to be less simple than it appears. But we are once again observing a significant trend – Web2 giants have not lost the arrival of Web3 both within the financial sector and beyond. Instead, these players are increasingly aware of changes in ERA, creating cryptocurrency finances, investing in cryptocurrency, integrating blockchain into infrastructure, and taking many other pro-crypto steps.
If this dynamic continues, it is possible that in the future you will see certain hybrids of Web2 and Web3, reconfiguring the old players and establishing new players. Learn a detailed guide on what a crypto index fund is? Diversify your investments! Also, stay tuned for the latest updates and opportunities in crypto and blockchain.
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