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Swift introduces blockchain-based ledger

Swift introduces blockchain-based ledger

Payments,
29 September 2025 | 13 min read

At Swift, our mission has always been to continually innovate and elevate the cross-border payments experience. Today, we are taking a pivotal step forward: adding a blockchain-based shared ledger to our technology infrastructure.

This landmark initiative—announced at Sibos 2025 in Frankfurt—will extend Swift’s trusted platform into a digital environment, unlocking the potential for instant, always-on transactions at global scale and accelerating the industry’s transition to digital finance across more than 200 countries and territories.

Javier Perez Tasso
I'm very pleased to announce that we will add a blockchain-based ledger to our technology infrastructure to allow for trusted movement of tokenised value across the digital ecosystems.
Javier Pérez-Tasso Chief Executive Officer, Swift

Noting that the addition may be surprising to some, Swift CEO Javier Pérez-Tasso said: “You may think, ‘Wow, aren’t those opposites? Swift and blockchain. TradFi and DeFi. Can they really go together?’ In the regulated system of the future, we believe they can. Banks are ready for it. And they’re asking us to play a bigger role.”

Setting a new benchmark for digital payments

Swift, together with a group of over 30 global financial institutions, has begun designing and developing a shared digital ledger, with the first use case focused on real-time, 24/7 cross-border payments.

The blockchain-based shared ledger - a secure, real-time log of transactions between financial institutions - will start with a conceptual prototype with Consensys. It will record, sequence and validate transactions and enforce rules through smart contracts. The ledger will be built for interoperability, both with existing and emerging networks, while maintaining the trust, resilience and compliance synonymous with Swift and critical to the secure functioning of global finance.

“Combining a shared ledger with Swift’s existing messaging, APIs and ISO 20022 creates an even more powerful construct – one that can embed risk, controls and compliance requirements from the outset into transaction flows while enabling real-time 24/7 interbank cross border payments with the same trust, security, resilience, scalability and operational excellence Swift is known for. All in line with the approach we’ve always taken of responsible innovation.”, said Pérez-Tasso.

Extending the power of Swift’s infrastructure

The ledger will complement recent enhancements to existing rails and new interoperability solutions that help orchestrate transactions across both traditional and emerging systems. Together, these initiatives make payments faster, more predictable and globally scalable.

Sibos

Driving innovation at scale

Speaking at Sibos, Javier Pérez-Tasso said: “Financial infrastructures need to keep relentless focus on the fundamentals of operational excellence, regulatory compliance and governance.  And at the same time, they need to get ready for the future. And at Swift, our approach is to innovate across two parallel tracks.” 

This dual approach will ensure that banks and their customers can benefit from best-in-class payments experiences, no matter how value moves.

He added: “In infrastructure strength comes through layered innovation. It's not either or, it's definitely both. And actually we're convinced that the whole will be greater than the sum of its parts.”

Collaboration across the industry

Financial institutions from 16 countries are already shaping the design of the ledger. Over 30 leading banks – including are collaborating with Swift to define functionality, governance, and future phases of development.

Absa

Akbank

ANZ

Banco Santander

Bank of America

Banorte

BBVA

BNP Paribas

BNY

Bradesco

Citi

Commerzbank

Crédit Agricole

DBS Bank

Deutsche Bank

Emirates NBD

First Abu Dhabi Bank

FirstRand Bank

HSBC

Itaú Unibanco

JP Morgan Chase

Mizuho

MUFG

NatWest

OCBC

Royal Bank of Canada

Saudi Awwal Bank

Shinhan Bank

Societe Generale-FORGE

Standard Chartered

TD Bank Group

UOB

Wells Fargo

Westpac

 

Akbank is proud to join Swift’s initiative to integrate a blockchain-based ledger, leveraging our strong expertise and commitment in digitalization and innovation. We hope that Swift will introduce a scalable blockchain solution and enable us to provide our customers with uninterrupted, 24/7 real-time settlement, while upholding the highest standards of compliance, security, and operational excellence. Aligned with Akbank’s digital transformation vision, we are confident that this significant step will generate value for our customers and deliver benefits to the global financial community.
Mehtap Yılmaz Head of Trade Finance and Cash Product Management, Akbank
Nigel Dobson
ANZ shares Swift’s passion to deliver best-in-class payments experiences at scale. Drawing on our own work with blockchain-based shared ledgers, we believe it can be a powerful infrastructure upgrade and a pivotal step toward global, instant, always-on cross border transactions. It’s our view that no single institution can achieve this alone. Swift’s neutral role and global network uniquely position it to drive industry collaboration and adoption, and ANZ is proud to contribute our expertise to building resilient, future-ready payments infrastructure.
Nigel Dobson Banking Services Lead, ANZ
As the environment for cross border payments continues to evolve with new technologies and innovations, our clients have an even greater need for solutions that make payments more efficient. A digital shared ledger, created with the Swift community, offers transparency and interoperability, two priorities to effectively manage cross-border payments in a 24/7 world.
AJ McCray Global Head of Payments in Global Payments Solutions, Bank of America
Swift’s digital ledger initiative is a game-changer for the future of cross-border payments. The ability to settle regulated value in real time – with the reliability and security that the industry expects from Swift – will unlock new efficiencies and opportunities for our clients. At BBVA, we are committed to collaborating on this next chapter of financial innovation to deliver the speed, transparency and resilience that businesses and consumers need in a digital world.
Eva Rubio Head of Global Transaction Banking at BBVA Corporate & Investment Banking
Bruno Mellado
The blockchain financial ecosystem will need seamless interoperability and standards between currency areas and institutions. Swift’s initiative provides the opportunity for building the foundational infrastructure needed for connecting the diverse blockchain ecosystems through standards and trusted rails. By partnering in this initiative, we are helping our clients and banking partners design a promising trajectory towards multi-currency atomic settlements using blockchain networks and interoperating with existing payment networks.
Bruno Mellado Global Head of Payments and Receivables, BNP Paribas
At BNY, we are focused on the evolution of payments infrastructure to meet the demands of an always-on global economy. Swift’s work on a shared ledger represents an important step toward exploring how cross-border transactions can become faster, more transparent and more resilient. Recognizing the importance of these industry efforts helps ensure solutions that bring greater efficiency and choice for financial institutions and their clients worldwide.
Isabel Schmidt Executive Platform Owner, Payments Enablement Platform, BNY
The collaboration with Swift to advance the international payments experience is another initiative in favour of innovation in financial services - a constant focus for Bradesco.
Marina Veasey Bradesco
The launch of a robust 24/7 ledger is an important enabler for always on payments and liquidity. We are excited about Swift’s initiative to collaborate with the community on this foundational infrastructure.
Debopama Sen Head of Payments, Services, Citi
Brigitte Rethier, Swift
The integration of blockchain technology into Swift’s platform represents an exciting leap forward for international payments and will serve the industry well. This collaboration will enable us to deliver enhanced services for our clients. We are thrilled to help meet the growing demand for innovative forms of instant, secure global transactions.
Brigitte Réthier Divisional Board Member Institutional Clients & Transaction Banking Sales, Commerzbank, Germany
Swift’s digital ledger initiative is a promising piece of the digital money network. Through the Swift community, banks and clients will more easily reach convergence on standards for the tokenized representation of money and its integration with the tokenized asset classes. We look forward to contributing with our expertise and business-oriented developments.
Guénolé de Cadoudal Head of Digital Assets Group at Crédit Agricole
Our track record of developing instant cross-border payment capabilities and our early foray into blockchain-based payment solutions enable DBS to meaningfully support Swift’s digital shared ledger initiative. We believe blockchain technology can usher in the next generation of ‘always-on’ and ‘smarter’ financial services. Swift’s initiative goes a step further – it is interoperable with traditional correspondent banking rails, has a high transaction capacity within a secure environment, and is accessible by Swift’s global banking network. These characteristics are critical in supporting broad-based reach and adoption, and have the potential to form the backbone of a resilient and future-ready global financial infrastructure.
Lim Soon Chong Group Head of Global Transaction Services, DBS Bank
The development of a shared digital ledger marks a pivotal moment in the evolution of cross-border payments, combining the strengths of global financial institutions and technology partners. We are laying the foundation for a more interoperable, resilient, and future-ready financial ecosystem where innovative payment solutions can scale on global level and benefits of digital finance solutions can be realised across the entire industry.
Ole Matthiessen Global Head of Cash Management & Head of Corporate Bank APAC MEA, Deutsche Bank
Embracing the future of finance, Emirates NBD is thrilled to join Swift in pioneering the integration of a blockchain-based shared ledger. This innovative step is set to revolutionise cross-border transactions, making them instant and always-on, no matter where you are in the world. By harnessing Swift's unparalleled security and scalability, we are committed to delivering a seamless and transparent payment experience for our customers. Together with Swift and our global partners, we are shaping the future of banking, ensuring that our customers benefit from the most advanced and efficient payment solutions available.
Anith Daniel Group Head of Transaction Banking Services, Emirates NBD
The launch of Swift’s blockchain-based shared ledger represents a defining moment for the future of global payments. As the largest bank in the UAE, FAB is committed to enabling seamless, real-time cross-border settlement rails that support the growth of trade, investment, and remittances flows across our region and beyond. We hope to shape a better connected, efficient and resilient financial ecosystem that delivers lasting value for businesses and communities worldwide.
Martin Tricaud Group Head of Wholesale Banking at First Abu Dhabi Bank (FAB)
Manish Kohli
We are delighted to partner with Swift on this innovative project. Our work is driven by a common ambition: to make cross-border payments faster, smarter and always available. This collaboration complements HSBC’s own initiatives and innovation within the digital currency space; by bringing together our solutions and expertise with Swift’s global network capabilities, we can help shape the future of global payments for the benefit of our customers and industry.
Manish Kohli Head of Global Payments Solutions, HSBC
Gayathri Vasudev
For over a decade, J.P. Morgan has been at the forefront of blockchain innovation, transforming the financial services landscape. We look forward to engaging with this coalition to help evaluate a shared ledger designed for the next generation of global payments, leveraging our expertise to help advance instant, secure and efficient cross-border payments.
Gayathri Vasudev Global Head of Core Payment Rails, J.P. Morgan
We are proud to help shape the future of digital finance together with Swift and our global partners. Swift’s blockchain-based digital ledger represents a transformative milestone, ushering in a new era for global payments. This innovation enables us to offer instant, secure, and programmable payment solutions to our clients worldwide.
Masahiro Matsumoto Global head of Transaction Banking, MUFG
Speaker
As digital assets continue to develop and mature at pace, Swift’s blockchain-based ledger provides the foundational infrastructure needed for trusted, real-time cross-border payments alongside existing ways of moving money. By partnering in this initiative, we are shaping solutions that allow our clients benefit from greater speed, transparency and crucially, flexibility in the digital age – without wavering on robust compliance and risk management.
Lee McNabb Head of Group Payment and Digital Asset Strategy, NatWest
We are proud to be among the first banks to contribute our experience and capabilities in blockchain towards Swift's ledger initiative. This marks a significant step forward for the industry in shaping the future of payments leveraging distributed ledger infrastructure. By enabling real-time, 24/7 cross-border payments with higher efficiency, transparency and security, this initiative can open up more payment options for both retail and corporate clients across Asia.
Melvyn Low Head of Global Transaction Banking, OCBC
José Luis Calderon
Traditional international payments models are no longer suited to today’s digital economy. Instead, in sectors like P2P payments and small-to-medium-enterprise (SME) commerce, there is a strong need for faster, more efficient crossborder solutions. Tokenization and blockchain technologies enablement of real-time payments, greater transparency, and financial inclusion - all signal ‘the rise of a new global payments paradigm’. This initiative is a great step forward in this direction and we are thrilled to take part in this joint industry effort.
José Luís Calderón CEO, PagoNxt Payments (a Santander company)
The integration of blockchain technology into Swift's platform represents an exciting leap forward for international payments and will serve the industry well. This collaboration will enable RBC to deliver enhanced services for our clients to connect digital and traditional finance alike. We are thrilled to help meet the growing demand for innovative forms of instant, secure global transactions.
Erica Nielsen Group Head, RBC Personal Banking, RBC
Swift has long served as a cornerstone of the global financial infrastructure, ensuring trust and stability in cross-border payments. The Swift Ledger initiative marks an important milestone in advancing Swift’s established legacy into a next-generation payments infrastructure. Shinhan Bank is honoured to participate as the only Korean commercial bank in this project, contributing to the development of a faster, more secure, and future-ready global payments ecosystem, and we remain committed to driving continued innovation and progress in the international financial industry.
Louis (Byung hee) Kim Leader of Digital Asset Cell, Shinhan Bank
As a stablecoin issuer, we are delighted to join this coalition to further expand the accessibility to regulated tokenized assets, and more specifically Mica-compliant stablecoins, for various use cases. Building on the work already undertaken with our respective teams in previous test transactions, this initiative is fully aligned with our commitment to offer clients robust and widely accessible market infrastructure alongside a new pathway for the digital financial industry.
Jean-Marc Stenger CEO, Societe Generale-FORGE
This initiative will provide the infrastructure needed for the industry to further scale the development of blockchain-based solutions. We are pleased to play our part in supporting its success by sharing our knowledge and expertise in developing real time 24/7 cross-border payments and settlements solutions.
Michael Spiegel Global Head of Transaction Banking, Standard Chartered
Our participation in this coalition will shape the payments landscape for our clients across ASEAN and beyond. The shift to this new regulated digital infrastructure will facilitate global payments to support tokenised value, liquidity optimisation and faster settlement.
So Lay Hua Head of Group Transaction Banking, UOB
We look forward to working with Swift to explore digital ledger frameworks. This initiative reflects our commitment to aligning with global regulatory standards while driving innovation across the financial ecosystem.
Ather Williams III Head of Global Payments and Liquidity and Wholesale Digital, Wells Fargo

Looking ahead

The shared ledger is a natural extension of our live digital asset trials and ongoing innovation. Alongside it, we are also developing client solutions for interoperability across private and public networks, ensuring value can move seamlessly between different systems. 

Together, these efforts underscore our commitment to powering the future of payments – faster, more reliable, and fully interoperable – at global scale.

“This is a powerful platform for the future. And it can be even more transformational in the future.” said Pérez-Tasso.


FAQs

What is the Swift blockchain-based shared ledger?

A  blockchain providing a shared, real-time record of transactions between financial institutions, designed for instant, always-on cross-border payments and tokenised value.

Who is it for?

Banks and financial institutions that want to deliver faster, more transparent payments while preparing for the digital future.

What are the benefits? 
  • Real-time visibility and predictability of payments
  • Automated compliance through smart contracts
  • Interoperability with traditional rails and emerging networks
  • Ability to move regulated tokenised value securely
     
How does it fit with Swift’s platform?

It complements our trusted role in global finance, extending capabilities into digital rails while maintaining resilience, security, and compliance.

What’s the first use case?

Real-time, 24/7 cross-border payments. 

Who is involved?

A coalition of over 30 banks from 16 countries, working with Swift and Consensys on the first conceptual prototype.

When will it be available? 

The initiative is being developed in stages, starting with the prototype. Timelines will be guided by development and testing phases.

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