Swift has announced a big upgrade to its system by adding a blockchain-based shared ledger, one of its biggest changes in years.
Partnering with Joe Lubin’s Ethereum development firm Consensys, Swift revealed its plan at the Sibos conference in Frankfurt.
The move signals a shift toward digital finance that can handle instant, round-the-clock transactions across borders.
The shared ledger will serve as a real-time log of financial activity between institutions, recording and validating each transaction while enforcing rules with smart contracts.
Swift’s approach focuses on interoperability, aiming to connect both existing financial rails and new blockchain networks.
By doing so, it hopes to ensure secure, compliant, and resilient cross-border transfers while maintaining the trust that has defined its role in global finance.
Over 30 global banks join Swift’s shared ledger project
More than 30 major financial institutions are already involved in shaping this new ledger.
Names such as JPMorgan Chase, Bank of America, Deutsche Bank, HSBC, Citi, and Banco Santander are part of the collaboration. In total, banks from 16 countries are providing input.
The first stage involves building a conceptual prototype, designed by Consensys, with further phases planned once testing is complete.
The project’s initial focus is on 24/7 real-time payments, with financial institutions keen to see how the system can handle tokenised value transfers at scale.
The development also follows two years of Swift’s experiments with digital assets, which paved the way for this ambitious rollout.
Swift plans to use client solutions that can bridge fiat and blockchain systems, supporting both private and public networks.
Swift CEO sees next era of payments ahead
Swift’s CEO Javier Pérez-Tasso described the initiative as laying the foundation for the next era of payments.
By combining its established global reach with blockchain technology, Swift is positioning itself to remain central in a rapidly evolving financial landscape.
The shared ledger is seen as a step that could redefine efficiency, making cross-border transfers seamless for banks, businesses, and consumers alike.
The announcement also comes alongside Swift’s new rules for upgrading existing fiat rails, ensuring faster and more predictable transfers for individuals and small businesses.