From vision to reality

Strong momentum across the Swift payments scheme

The Swift payments scheme is designed to raise the baseline for cross-border payments through a shared framework of rules. It improves transparency, predictability and speed. 
 
Progress over recent months has been strong. The programme now brings together over 60 participating institutions, with a core group of banks co-developing the MVP. Together, they’re defining the framework, standards and operating model that will underpin the scheme. 
 
As of today, over 60 financial institutions have committed to go live. Initial coverage spans 11 receiving countries and more than 21 corridors, including several of the world’s largest remittance markets. 
 
This first phase will deliver tangible improvements for customers. These include clearer cost transparency, enhanced traceability and more predictable payment outcomes, creating a strong foundation for broader adoption over time. 

Advancing the Swift ledger with the global community 

In parallel, we’re extending our trusted infrastructure into the digital environment through the development of the Swift ledger.

Following the successful completion of the design phase, we’re now building the first iteration of the ledger, with an MVP planned to go live with real-world transactions this year. Over 40 institutions have contributed to shaping its design. 
 
The focus is on delivering practical value from the outset. The initial MVP will enable real-time, 24/7 cross-border interbank payments in major currencies, while integrating with existing banking systems and processes. 
  
It builds on familiar foundations:  

• Using tokenised deposits as the interbank liability 

• Maintaining settlement over existing RTGS and correspondent rails, decoupled from payment execution 

• Leveraging Swift connectivity, standards and identity 

• Integrating with existing bank systems and processes 

At the same time, the ledger is designed to lay the foundation for interoperability as the digital ecosystem evolves. 

Delivering progress today, building for tomorrow 

Together, these two initiatives reflect a clear and coordinated approach: 

• Improving the end-to-end cross-border experience today through the payments scheme 

• Building the next generation of payment infrastructure through the Swift ledger 

Both are being developed in close collaboration with the industry to ensure scalability and alignment with evolving market needs. 

The result is a phased, pragmatic approach. We’re delivering measurable progress now, while creating a strong foundation for continued innovation in the years ahead. 

What to take away from this update 

• The Swift payments scheme is moving forward with strong industry adoption, with banks committed to go live and initial corridors already defined 

• The Swift ledger is progressing in parallel, with broad collaboration and a focused MVP delivering real-time, 24/7 cross-border payments 

• Together, they represent a coherent roadmap – improving today’s experience while building for the future of digital, always-on payments