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Key Takeaways
Real-Time Cross-Border Payments – The partnership aims to create a blockchain-based system that enables 24/7 instant international money transfers.
Collaborative Effort – Over 30 financial institutions are involved alongside ConsenSys, ensuring the system meets global banking and regulatory standards.
Modernising Financial Infrastructure—This initiative positions SWIFT to leverage blockchain technology for faster, more transparent, and more efficient settlement processes.
In a significant move towards modernising global financial infrastructure, SWIFT, the global interbank messaging network, has partnered with blockchain technology firm ConsenSys to develop a blockchain-based settlement system.
Overview
On September 29 2025, SWIFT announced that it is partnering with ConsenSys and more than 30 financial institutions to create a blockchain system. This collaboration aims to enhance cross-border payments’ efficiency, transparency, and speed, responding to the growing competition from stablecoins and digital currencies.
The announcement said,
“The ledger will extend Swift’s financial communication role into a digital environment.”
Swift added,
“The platform will support tokenised asset exchange, though central and commercial banks will ultimately determine the types of tokens.”
Transforming Cross-Border Payments
The new blockchain initiative addresses longstanding challenges in international money transfers, such as delays, high costs, and limited operating hours. SWIFT intends to facilitate real-time, 24/7 cross-border payments by integrating a shared digital ledger into its infrastructure.
The system will utilise smart contracts to record, sequence, and validate transactions, ensuring compliance and reducing the need for intermediaries. This development is particularly timely, as the stablecoin market continues to expand, prompting traditional financial institutions to explore blockchain solutions to maintain competitiveness.
Collaboration with ConsenSys and Global Financial Institutions
ConsenSys, a blockchain technology company founded by Ethereum co-founder Joseph Lubin, has been selected to develop the initial prototype of the blockchain ledger. The project has garnered support from over 30 financial institutions worldwide, including major banks such as Bank of America, Citigroup, Deutsche Bank, HSBC, and JPMorgan Chase.
These institutions are collaborating to design a system that meets the technical requirements and aligns with regulatory standards across different jurisdictions.
A Step Towards a Digital Future
This partnership marks a pivotal step in SWIFT’s strategy to modernise its payment infrastructure. By incorporating blockchain technology, SWIFT aims to provide a more efficient and secure platform for financial transactions, accommodating the increasing demand for digital finance solutions.
The success of this initiative could pave the way for broader adoption of blockchain in traditional banking systems, potentially transforming the landscape of global payments. Further developments and implementations will be announced as the project progresses to create a seamless and interoperable digital payment ecosystem.