Swift blockchain: the shared ledger for bank payments
Swift, the network banks use for payment messages in more than 200 countries and territories, is adding a blockchain-based shared ledger to its infrastructure. The first use is real-time cross-border payments around the clock, and the banks in the pilot plan to pay each other with tokenized deposits.
Swift's shared ledger project
At Sibos 2025 in Frankfurt, Swift announced the ledger together with more than 30 financial institutions. Swift built the conceptual prototype with Consensys. According to Swift, the ledger records and validates transactions between banks and enforces the rules for them through smart contracts. It runs next to the payment systems Swift already operates.
Swift's existing services carry payment messages, while the money moves through correspondent accounts between banks. SWIFT gpi tracks such a payment along that chain.
From prototype to MVP with tokenized deposits
In the MVP phase, Swift describes the ledger as a shared digital orchestration layer that records and validates interbank payment commitments. Seventeen early adopter banks plan live transactions with tokenized deposits. Commercial banks and central banks decide which types of token the ledger carries.
Swift and other blockchains
Swift has also run experiments with Chainlink and banks such as Citi and BNY Mellon. They tested whether a bank can move a tokenized asset across several public and private blockchains through its existing Swift connection. Chainlink was the connection point between the Swift network and the blockchains; the Chainlink page has the details.
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Is Swift using blockchain?
Yes. Swift is adding a blockchain-based shared ledger to its infrastructure, first for real-time cross-border payments between banks. It runs next to the existing Swift messaging services.
Who built the Swift ledger prototype?
Swift built the conceptual prototype with Consensys, the Ethereum software company, and designed the ledger with more than 30 financial institutions.
Does the Swift blockchain have a coin?
In the MVP the banks plan to pay with tokenized deposits. Commercial banks and central banks decide which types of token the ledger carries.
Cross-border payments
Ledger technology
Swift and Finance Loop
Finance Loop covers cross-border payments and bank money on blockchains in the Payments & Digital Money track.
Finance Loop held its Sibos 2025 side event at TechQuartier, across from Messe Frankfurt, during the conference at which Swift announced its ledger.
Finance Loop is a professional network and has the goal of driving the adoption of emerging technologies in finance, such as AI, digital payments, cloud and blockchain solutions. Finance Loop helps its members build skills and personal networks in these fields: Investment & Digital Assets, Payments & Digital Money, Digital Infrastructure & Sovereignty, and Risk & Compliance.