Swift has unveiled plans to integrate a blockchain-based shared ledger into its core infrastructure, marking one of the most significant evolutions of the global payments network in decades. Announced at Sibos 2025 in Frankfurt, the initiative aims to enable real-time, 24/7 cross-border payments and the regulated movement of tokenized value at global scale. The project brings together more than 30 financial institutions from 16 countries and starts with a conceptual prototype developed alongside Consensys. Rather than replacing existing rails, the ledger is designed to extend Swift’s trusted role into digital finance while preserving compliance, resilience, and operational rigor.
Key takeaways
- Swift plans to add a blockchain-based shared ledger to support instant, always-on cross-border payments.
- The initiative was announced at Sibos 2025 in Frankfurt and involves over 30 global banks from 16 countries.
- The first use case focuses on real-time, 24/7 interbank cross-border payments.
- The ledger will be interoperable with existing payment rails and emerging digital networks.
- Smart contracts will be used to embed compliance, controls, and transaction rules directly into payment flows.
Market context: The move comes as financial institutions globally face pressure to modernize cross-border payments amid growing demand for instant settlement, tokenized assets, and regulated digital money, while central banks and regulators push for higher transparency and resilience.
Why it matters
Cross-border payments remain one of the most complex and costly parts of the financial system, often constrained by time zones, batch processing, and fragmented infrastructure. By introducing a shared digital ledger, Swift is signaling that legacy financial infrastructure can evolve without abandoning regulatory discipline.
For banks, the initiative promises improved transparency, faster settlement, and reduced operational friction, all while maintaining compatibility with existing correspondent banking models. For the broader market, it represents a pragmatic bridge between traditional finance and distributed ledger technology.
The project also highlights a broader industry shift toward tokenized value and programmable money, with Swift positioning itself as a neutral orchestrator rather than a competing blockchain network.
What to watch next
- Progress of the conceptual prototype being developed with Consensys.
- Expansion of use cases beyond cross-border payments into other forms of tokenized value.
- Governance frameworks and compliance standards agreed by participating banks.
- Further announcements on interoperability with public and private blockchain networks.
Sources & verification
- Official Swift announcement detailing the blockchain-based ledger initiative.
- Statements from Swift CEO Javier Pérez-Tasso delivered at Sibos 2025.
- Public comments from participating global banks on their involvement.
- Swift’s published FAQs outlining scope, benefits, and development phases.
Swift’s blockchain ledger and the future of cross-border payments
Swift’s decision to incorporate a blockchain-based shared ledger into its technology stack represents a strategic response to a rapidly changing payments landscape. For decades, Swift has served as the backbone of global financial messaging, connecting institutions across more than 200 countries and territories. The new ledger does not replace that role but extends it into a digital environment where value can move instantly and continuously.
The initiative was formally announced during the opening plenary of Sibos 2025, where Swift CEO Javier Pérez-Tasso acknowledged that the move might surprise parts of the market. He framed the development as a convergence rather than a contradiction, arguing that traditional finance and blockchain technology can coexist within a regulated system. According to Pérez-Tasso, banks are increasingly prepared for this transition and are asking Swift to take on a broader coordinating role.
At the core of the project is a shared digital ledger designed to record, sequence, and validate transactions between financial institutions in real time. Built with interoperability as a guiding principle, the ledger is intended to connect seamlessly with both established payment rails and emerging digital networks. Smart contracts will enforce transaction rules, embedding compliance and risk controls directly into payment flows rather than layering them on afterward.
The first use case under development is real-time, 24/7 cross-border payments, an area where inefficiencies have long persisted. Current systems often rely on batch processing and reconciliation across multiple intermediaries, leading to delays and uncertainty. A shared ledger, accessible around the clock, could significantly improve predictability and transparency while reducing settlement times.
Swift has emphasized that operational excellence remains central to the design. The ledger is being developed in parallel with ongoing enhancements to existing rails, APIs, and ISO 20022 messaging standards. This layered approach reflects Swift’s view that innovation should strengthen, not undermine, the reliability and security that global finance depends on.
Collaboration is another defining feature of the initiative. Financial institutions from regions spanning Europe, North America, Asia-Pacific, the Middle East, and Latin America are actively involved in shaping the ledger’s functionality and governance. Participating banks include major global and regional players such as Bank of America, HSBC, JP Morgan Chase, Deutsche Bank, BNP Paribas, Citi, BBVA, and many others.
Executives from these institutions have described the project as a foundational upgrade rather than an incremental change. Many point to the importance of interoperability and common standards, particularly as tokenized assets and digital currencies gain traction. A shared ledger coordinated through Swift’s neutral network could help avoid fragmentation and support multi-currency, atomic settlement across jurisdictions.
Several banks highlighted the relevance of the initiative for liquidity management and always-on payments. In a global economy that increasingly operates beyond traditional business hours, the ability to move regulated value in real time is becoming a competitive necessity. The ledger is positioned as an enabler of this shift, supporting both wholesale and, eventually, broader client-facing use cases.
Swift has also linked the project to its broader work on digital assets and interoperability. Alongside the ledger, the organization is developing solutions that allow value to move between private and public networks without compromising compliance. This reflects an understanding that the future financial system will likely consist of multiple interconnected platforms rather than a single dominant rail.
From a governance perspective, the initiative is being developed in stages, beginning with a prototype. Timelines for broader availability will depend on testing, regulatory alignment, and industry adoption. Swift has been clear that the ledger will evolve in close consultation with its community, maintaining alignment with global regulatory standards.
The broader significance of the project lies in its signal to the market. By embracing blockchain-based infrastructure while reaffirming its commitment to trust and resilience, Swift is attempting to chart a middle path between innovation and stability. If successful, the shared ledger could become a key component of next-generation global payments, supporting tokenized value, instant settlement, and interoperability at scale.
As Pérez-Tasso concluded during Sibos, the ledger represents a platform not just for today’s needs but for future transformation. Its ultimate impact will depend on execution, collaboration, and the industry’s willingness to converge on shared standards. For now, it marks a notable step in the gradual modernization of global financial infrastructure.
“This is a powerful platform for the future. And it can be even more transformational in the future.” – Javier Pérez-Tasso, Swift CEO
Citi is among a growing group of banks working with us to shape our blockchain-based ledger – extending Swift’s infrastructure to support tokenised value at scale.
Through industry-wide collaboration, we’re enabling a future where value moves seamlessly in a multi-model,… pic.twitter.com/AAJmkJkUmH
— Swift (@swiftcommunity) February 6, 2026
