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SWIFT teams with Consensys to build blockchain settlement system
a new real-time ledger for cross-border payments
SWIFT, the global interbank messaging network, has announced a collaboration with Ethereum infrastructure developer Consensys and more than 30 financial institutions to design a blockchain-based settlement platform. The initiative targets a secure infrastructure to enable 24/7, real-time cross-border payments, improve interoperability between networks and support tokenized assets under regulatory compliance.
Consensys to lead prototype development
Consensys will lead the initial conceptual prototype and outline subsequent development phases. The project aims to marry SWIFT’s messaging strengths with a distributed ledger that can log transactions in real time across participating banks and payment systems. Early work focuses on architecture, interoperability with existing and emerging payment rails, and compliance frameworks required by central and commercial banks.
Why this matters for global payments and tokenization
Building a blockchain settlement backbone could shift how correspondent banking and cross-border transfers operate. SWIFT already sits at the core of international payments: over 11,500 institutions in more than 200 countries rely on its network for communication and transactional messaging. A ledger designed to record and reconcile tokenized transfers in near real time promises fewer reconciliation errors, faster settlement finality and clearer audit trails for tokenized fiat, securities, and possibly central bank digital currencies (CBDCs).
Messaging layer remains crucial
SWIFT has long emphasized that its value is in messaging rather than moving funds directly. The planned ledger is intended to extend that communication role into a digital environment, complementing shared ledgers by handling high-throughput messaging tasks that blockchains are not optimal for. In practice, this could mean SWIFT’s messaging layer coordinates transactions while the distributed ledger provides settlement certainty, token custody references, and interoperability between diverse digital asset networks.
Context: previous blockchain pilots and tokenization efforts
This announcement builds on SWIFT’s recent forays into tokenization and distributed ledger trials. Earlier initiatives included integrating tokenized fund flows with existing fiat systems in collaboration with UBS Asset Management and Chainlink as part of Singapore’s Project Guardian. Late-stage 2024 pilots also explored how SWIFT’s network could enable banks across North America, Europe and Asia to access multiple digital asset classes and currencies through unified interfaces.
Interoperability, compliance and token types
A key design goal is interoperability: the platform should be able to connect with legacy payment rails, new token networks, and CBDC systems under development. SWIFT has said the platform will support tokenized assets, but the specific token types — whether tokenized deposits, tokenized securities or CBDCs — will ultimately be decided in coordination with central banks and commercial banks to ensure regulatory compliance and operational safety.
What’s next and what to watch
The project remains in early stages, with Consensys delivering the first conceptual prototype. Stakeholders will be watching for technical specifications around settlement finality, privacy, scalability, and the governance model that will determine how multiple institutions operate and access the shared ledger. If successful, the platform could become a new backbone for traditional finance, helping institutions settle digital assets and cross-border transactions faster, around the clock.
Overall, the SWIFT–Consensys partnership marks a significant step in mainstream finance’s move toward blockchain-enabled infrastructure. By blending SWIFT’s messaging dominance with distributed ledger capabilities, the industry may be closer to achieving real-time, interoperable, and compliant cross-border settlements at scale.
Source: cointelegraph
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