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Swift will develop a blockchain-based ledger to enable payments 24/7 as Ethereum Ecosystem Developer Consensys builds its first prototype.
The solution is part of an effort to enable cross-border payments on “unprecedented scale,” Interbank Financial Communications Associations, or Swift, worldwide, said in a press release.
“We are opening ways for financial institutions to take their payment experience to the next level with Swift’s proven, reliable platform at the heart of the digital transformation of the industry,” he said. CEO Javier Pérez-Tasso.
I have the system.”“The parallel track of innovation is to upgrade experiences on existing “Fiat” rails and prepare the industry for digital finance,” he said.
The company said it expects ledger, a secure, real-time log of transactions between financial institutions, to record, order and verify transactions and enforce rules through smart contracts.
Consensy and major banks work with Swift
Consensys is tasked with developing a conceptual prototype of a blockchain-driven resolution layer. The company is well known for developing popular Web3 wallet metamasks and several other products within the Ethereum Ecosystem.
In addition to Consensy, financial institutions from 16 countries also offer Swift (this is Interbank Financial Communications Associations around the world) According to a press release, there is feedback on the design of the system.
Includes Bank of America, BNY, Deutsche Bank, JP Morgan Chase, Standard Chartered, and Wells Fargo.
A group of banks working on Swift solution design (source: BusinessWire))
Swift has monopolized Tradfi and is looking to expand its reach into the blockchain space
Swift doesn’t actually move money, but it acts as a messaging layer between banks around the world. This is intended to reduce the risk of errors and fraud.
With over 11,500 institutions from over 200 countries connected to interbank messaging systems, the Swift system can effectively reduce countries or banks from the global financial system.
a Report He highlighted the power of Swif from the US Federal Reserve Bank of New York, saying “sanctions restricting access to this network are particularly expensive for authorized entities.”
With blockchain solutions, Swift is currently looking to expand its influence on the distributed ledger ecosystem.
As a groundbreaking moment for the global financial system and the blockchain industry, Swift announced that it is launching a new blockchain-based ledger at SIBOS 2025.
Congratulations to our partner Swift and the wider Swift community on adopting blockchain, pic.twitter.com/gsqgsyrwgk
– ChainLink (@ChainLink) September 29, 2025
The latest announcement of a blockchain-powered solution follows last week’s report that Swift has begun testing on-chain payments and messaging using Ethereum’s Layer-2 network Linea.
The report also said that Swift is considering launching its own Stablecoin, but has not specified the network in which the product will be deployed.
Swift doesn’t even mention which blockchain will be built. But Consensey’s involvement suggests that it could be Ethereum.
Ethereum is currently the main blockchain network in that its total market value is currently locked (TVL). Defillama data shows $874.7 billion is locked to the Ethereum blockchain. This corresponds to approximately 68.02% of the overall value of different networks in the market.
Blockchain-wide tvl (source: Defilama))
Ethereum also has a 53.55% share of the Stablecoin market. uppercase letter $29.4856 billion.
Not Swift’s first blockchain move
Swift’s blockchain collaboration with Consensys is not the company’s first move towards distributed ledger technology.
Last March, the company recognized the value of tokenization and the blockchain model. However, Swift argued that these shared ledgers are “not suitable for storing large amounts of data” because of the way data is synchronized between nodes. This is why we believe we can provide a messaging layer for blockchain-based financial systems.
Later in the same year, in November, Swift also provided a global financial messaging network for integrating tokenized fund processes with existing FIAT payment systems. This initiative was implemented with the help of UBS Asset Management and Blockchain Oracle Network ChainLink.
In late 2024, Swift also announced that banks in North America, Europe and Asia would launch digital asset trials on their networks.
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