SWIFT, the global financial messaging network, has announced plans to integrate blockchain technology into its core infrastructure in what it describes as a fundamental step towards reshaping global finance.

Speaking at the Sibos conference in Frankfurt, SWIFT CEO Javier Pérez-Tasso told delegates: “We provide powerful and effective rails today and are moving at a rapid pace with our community to create the infrastructure stack of the future.

“Through this initial ledger concept, we are paving the way for financial institutions to take the payments experience to the next level with SWIFT’s proven and trusted platform at the centre of the industry’s digital transformation.”

The Belgium-based co-operative, which connects more than 11,000 financial institutions in over 200 countries, confirmed that it will develop a blockchain-based shared ledger to enable real-time, 24/7 cross-border transactions.

SWIFT said it is working with more than 30 financial institutions, including JPMorgan Chase, Bank of America, HSBC, Deutsche Bank, Citigroup and Emirates NBD, to design and test the system. The conceptual prototype is being developed by Consensys, the blockchain software company founded by Ethereum co-creator Joseph Lubin.

The ledger will support regulated tokenised value transfers using smart contracts, with functionality designed to:

• Record and validate transactions in real time

• Facilitate tokenised assets, including digital currencies and securities

• Ensure interoperability with existing fiat and digital rails

• Maintain security and resilience consistent with SWIFT’s standards

Pérez-Tasso said the approach was based on “layered innovation,” adding: “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.”

The move comes amid mounting competitive and regulatory pressures on traditional payment networks. SWIFT cited five key drivers behind the decision:

• Evolution of distributed ledger technology

• The shift to an “always-on” global economy

• Rising transaction volumes in stablecoins, such as USDT and USDC

• Regulatory clarity following initiatives including the EU’s MiCA framework and US Bitcoin ETF approvals

• Competition from new payment networks and blockchain-based alternatives

Stablecoins currently process more than $1 trillion in monthly transactions, with McKinsey describing them as “a direct challenge to traditional global payments rails”.

SWIFT has also confirmed that its blockchain ledger will run alongside its existing messaging network rather than replacing it. This parallel approach, the organisation said, would allow gradual migration, ensure universal access, reduce operational risks, and enable real-world testing before any wider rollout.

Eva Rubio, Head of Global Transaction Banking at BBVA, said the move would improve efficiency for corporate clients: “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.”

The initiative is also expected to benefit banks through new tokenisation revenue streams, improve remittance transfers (which surpassed $700 billion globally in 2024), and provide blockchain companies with institutional validation of their technology.

Governance and Neutrality

SWIFT stressed that it would act as infrastructure provider rather than arbiter of assets: “The types of tokens that will be exchanged on the ledger are the territory of commercial and central banks,” the organisation said.

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The 30+ participating institutions will help shape standards and protocols, with SWIFT emphasising the importance of geographic and institutional diversity in governance.

The organisation outlined a phased roadmap:

1. Prototype development with Consensys and initial validation

2. Expanded pilots with additional use cases

3. Gradual rollout to the wider SWIFT community with training and support

4. Full interoperability between blockchain and traditional messaging systems

No fixed timeline has been set, with SWIFT prioritising stability over speed.