The global financial messaging giant aims to modernize cross-border payments
The global financial messaging giant Swift is partnering with Ethereum developer Consensys to design a blockchain-based settlement system aimed at modernizing cross-border payments. The collaboration involves more than 30 financial institutions and seeks to build infrastructure capable of handling real-time, 24/7 international transactions while maintaining compliance standards.
In its announcement, Swift highlighted that the new system will be designed for interoperability with both existing and emerging payment networks. Consensys has been tasked with creating a conceptual prototype in the first phase, with later stages expected to refine the framework. Swift said the ledger will extend its long-standing communication role into a digital environment, supporting tokenized assets defined by central and commercial banks.
The shift marks a significant step for an organization that underpins most international payments but does not directly move money itself. Swift provides a secure communication system used by over 11,500 institutions across 200 countries, and any changes to its core model could reshape global finance. By adopting blockchain, Swift hopes to cut down errors, lower fraud risks, and reduce settlement delays that traditional systems often face.
The initiative also reflects the growing acceptance of blockchain by major financial players. While early blockchain critics dismissed the technology as a solution in search of a problem, traditional institutions are now finding practical applications. Swift’s focus on creating a secure, transparent transaction log mirrors trends in tokenization and shared ledgers already being explored in projects worldwide.
This is not Swift’s first foray into digital assets. In 2024, it partnered with UBS Asset Management and Chainlink for tokenized fund trials under Singapore’s Project Guardian. Later that year, North American, European, and Asian banks began testing digital asset transactions through the network. The Consensys collaboration signals Swift’s intention to cement its role in an evolving financial landscape where digital settlement systems are increasingly becoming the norm.
