Swift has successfully completed the design phase of its blockchain-based shared ledger, and is now actively building the
first iteration that will enable interoperability between banks’ tokenised deposits to facilitate 24/7
cross-border payments.
The MVP of the ledger is planned to go-live with real-world transactions this year as Swift works in parallel with banks internationally to define a roadmap of future functionality, the exploration of other on-chain settlement assets and use cases to accelerate the industry’s transition to digital finance across more than 200 countries and territories.
Since announcing plans for the ledger in September 2025, a group involving a global cohort of banks have worked together to shape the design. They explored how a shared interbank ledger could help banks coordinate cross-border payments more effectively as industry expectations shift toward always-on services.
The MVP builds on existing bank payment applications and Swift standards, introducing a shared digital orchestration layer that will record and validate interbank payment commitments. The ledger enables payments to be executed using tokenised deposits as the underlying representation of value, leverages existing compliance processes and supports multiple settlement options.
Moving to implementation
The ledger MVP is being built on open-source foundations, using an Ethereum Virtual Machine (EVM)-compatible architecture based on Hyperledger Besu. It is designed to integrate with the broader digital asset ecosystem, forming a new layer within Swift’s infrastructure stack that combines the capabilities of distributed ledger technology with Swift’s global reach, security and standards. It lays the foundation for interoperability and scalability as the digital money landscape evolves.
Swift will operate the ledger, providing orchestration of transaction workflows, validation of funding commitments and coordination of interbank processes. Banks will operate their own environments and retain full authority over keys, assets, funding and settlement through RTGS systems, correspondent banking relationships or other agreed mechanisms between participants.
Progress on the ledger is part of Swift’s overall strategy to power a best-in-class payments experience however value moves. On a parallel track, Swift is also developing a scheme that creates new network rules to ensure a consistently fast and predictable experience for consumers and small businesses, with upfront transparency on payments costs, guaranteed full value delivery, end-to-end visibility, and a commitment to instant settlement where available. Together, these tracks ensure the benefits of digital finance can scale without compromising the trust and resilience of existing models.
“We’re focused on delivering the best possible cross-border payments experience, whatever form value takes," said Jonathan Ehrenfeld, who leads the Swift ledger strategy. “Adding a blockchainbased ledger to our infrastructure will bring the benefits of digital finance into the ecosystem seamlessly and safely, at scale and without compromising the trust and resilience that are essential to global finance.”
With more than 11,500 institutions connected across 200+ countries and territories, and over 40,000 active payment routes, Swift provides trusted scale, reach and resilience. This foundation positions Swift to help the industry adopt new forms of digital value safely and consistently across markets.
A future-proofed model
The ledger will deliver several core benefits for participating banks, among them: faster payment execution, better liquidity visibility, reduced reconciliation efforts and interoperability across institutions.
The model can also support advanced interbank processes spanning programmable corporate payment flows, foreign exchange PvP and cash movements for securities transactions. These capabilities build on the same principles of shared visibility, enhancing coordination across institutions without introducing competing parallel rails or fragmenting existing infrastructures.
What comes next
In the near term, participating banks in the MVP will begin live transactions using tokenised deposits. This allows real-time payments across institutions 24/7 and provides a synchronised view of obligations as transactions progress. The focus remains on delivering practical utility now, while preparing to enable future forms of digital money as they become available.
The MVP also provides an environment for institutions to test 24/7 payment flows and gain real-world experience of how the coordination layer supports their operations. As these capabilities expand, the ledger will demonstrate the benefits of combining tokenised commercial bank money with Swift’s standards and connectivity to support predictable, efficient and scalable cross-border value transfer.
Throughout this work, Swift remains focused on enabling the best possible cross-border payments experience through its parallel track strategy. Alongside the ledger initiative, more than 25 banks will introduce Swift’s new framework for retail transactions by the end of June, supporting transparency, certainty around cost and instant settlement where possible.
Building the digital payment stack of the future
We’re working with 40+ financial institutions to add a blockchain-based ledger to our infrastructure stack.
