Swift, a global financial messaging network, uses Linea, an Ethereum Layer-2 platform developed by Consensys to work with more than dozens of banks to test on-chain messaging using Linea.
Institutions including BNP Paribas and BNY Melon are participating in the initiative.
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Swift and Global Banks launch Linea Blockchain messaging trials
A source within a bank said the project could mark a “technical transformation in the international interbank payments industry,” but it would take several months for the development to be made clear.
Swift connects over 11,000 financial institutions and sends payment instructions, but sends funds. Its intensive model relies on intermediaries and legacy rails, with critics claiming it adds complexity and delay. The pilot is trying to determine whether Linea’s ZK-Rollup architecture, designed for faster and scalable transactions with privacy-centered encryption, can streamline messaging and payments while meeting regulatory standards.
This initiative follows Swift’s broader blockchain initiative. The network recently announced new rules for retail cross-border payments to improve speed and predictability. Global Bank plans to try live digital assets trading on infrastructure starting in 2025.
Previous pilots demonstrated blockchain interoperability as UBS and chain links help to rapidly transfer tokenized assets. The network also explored the global digital asset transaction framework and considered integration with the XRP ledger.
Launching tokens this year to support a $72 billion decentralized financial ecosystem, Linea holds the position of a corporate environment for banks seeking compliance and scalability.
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In a recent panel discussion, Swift executives also tackled pilots and a broader shift in digital assets, with executives highlighting the industry moving into a new phase.
We are now beyond experimentation. The question is how to expand whether the equipment is tokenized sediment, CBDC, stablecoin, or tokenized funds. It comes down to what we are connecting exactly and where the values appear.
Tom Zschach, Swift
Scaling Blockchain Messaging Faces Legal and Compliance Hurdles
Supporters argue that blockchain messaging could increase payment efficiency, programmability and transparency. However, there are still hurdles. Banks face sudden integration costs, operational risks and regulations scrutiny with regard to token issuance and transaction data. One important obstacle is legal certainty.
A settlement is a legal structure, not a technical component. The blockchain verification model must be tailored to legal finality. Without that alignment, scaling is difficult.
Tom Zschach, Swift
The comments underscore why standard, rulebook, and jurisdiction are essential to recognize chain settlements in court.
Although full adoption is uncertain, the pilot shows Swift’s intention to align infrastructure with emerging digital asset markets. The results can determine whether blockchain is embedded in global interbank communications.