SWIFT, the worldwide financial messaging network, has revealed plans to integrate blockchain-based shared ledgers into its infrastructure. The new ledger will be developed in collaboration with Consensys and over 30 top financial institutions. They plan to use it to enable secure, real-time cross-border payments around the clock.
Smart contracts will be used to record, sequence, and validate transactions in the ledger. This will ensure interoperability with both present and emerging financial systems. This effort expands SWIFT's trusted platform into digital finance, enabling the smooth flow of regulated, tokenized value across global networks.
Swift CEO Javier Pérez-Tasso stressed the project's role in helping financial institutions improve the payments experience during the current industry digital transformation.
SWIFT serves over 11,500 financial institutions globally and has been experimenting with blockchain and tokenization to keep up with future digital payment technologies and central bank digital currencies. This blockchain connection promises to modernize international payments by lowering costs and speeding up processing times, maintaining SWIFT at the forefront of global financial evolution.
