Global online payments leader SWIFT said on Monday that it is developing a blockchain-based shared ledger with more than 30 global financial institutions, aiming to enable instant, 24/7 cross-border payments at scale.
According to a new press release, the project will begin with a prototype designed by Consensys and focus initially on real-time international transfers.
[adinserter block="1"]The ledger will aim to serve as a secure, real-time log of transactions, recording and validating payments while using smart contracts to enforce rules. SWIFT said the system will be built for interoperability with both existing rails and emerging digital networks.
Participating institutions span 16 countries and include Bank of America, JPMorgan Chase, HSBC, Deutsche Bank, Citi, BNP Paribas and others.
Alongside the ledger, SWIFT said it will roll out tools to link digital assets and fiat systems, part of its broader strategy to modernize payments while preparing for a shift toward digital finance.
Says Swift CEO Javier Pérez-Tasso of the development,
“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 center of the industry’s digital transformation.”
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