SWIFT Completes Blockchain Ledger Design for Cross-Border Payments

SWIFT has completed the design phase of its blockchain-based shared ledger, paving the way for 24/7 cross-border payments using tokenized bank deposits, as the global financial messaging network advances efforts to integrate digital technologies. The minimum viable product is slated to launch with real-world transactions later this year, following collaboration with more than 40 institutions including JPMorgan Chase, HSBC, Deutsche Bank and Bank of America.

The ledger serves as a shared digital orchestration layer, recording and validating interbank payment commitments to enable faster execution, improved liquidity visibility and reduced reconciliation efforts. Built on an open-source Ethereum Virtual Machine-compatible architecture using Hyperledger Besu, the system allows banks to retain full control over their keys, assets, funding and settlement mechanisms, such as real-time gross settlement systems or correspondent banking. SWIFT will operate the ledger, coordinating workflows while ensuring interoperability across its network of over 11,500 institutions in more than 200 countries and territories.

This development builds on SWIFT's blockchain explorations announced in...