Swift and Consensys Build Blockchain Bridge to Connect Traditional and Digital Finance

Swift has announced a strategic collaboration with Consensys to develop a blockchain-based shared ledger, marking a transformative step in global financial infrastructure. The initiative, involving over 30 financial institutions, aims to enable real-time, 24/7 cross-border payments through a secure and scalable digital ledger. This prototype, leveraging Consensys’ expertise in Ethereum-based technologies, will extend Swift’s role from a messaging platform to a digital settlement infrastructure, facilitating transactions using regulated tokenized value. The project is part of Swift’s broader strategy to innovate parallel tracks of infrastructure development—upgrading existing systems while building future-ready digital rails.

The ledger will operate as a secure, real-time log of transactions between financial institutions, employing smart contracts to enforce rules and ensure compliance. It is designed for interoperability with both existing fiat currency networks and emerging blockchain systems, a critical feature for seamless cross-border transactions. Swift emphasizes that the focus will be on infrastructure, while the types of tokens exchanged will be determined by commercial and central banks. The initiative builds on Swift’s prior experiments, including the 2024 trials with tokenized assets and its collaboration with the Monetary Authority of Singapore’s Project Guardian.

A coalition of 30+ global banks, including JPMorgan Chase, HSBC, Bank of America, and Deutsche Bank, is actively participating in the design and implementation of the ledger. These institutions are providing feedback to refine the prototype, which will prioritize cross-border payments before expanding to other use cases. Swift CEO Javier Pérez-Tasso highlighted the project’s significance: “We are moving at a rapid pace with our community to create the infrastructure stack of the future, ensuring Swift remains central to the industry’s digital transformation”. The coalition includes major players from 16 countries, underscoring the global scope of the initiative.

The shared ledger represents a convergence of traditional and decentralized finance, as noted by Consensys. The firm, known for developing Ethereum tools like MetaMask and Infura, will support Swift in early-stage prototyping. Consensys emphasized the potential for blockchain to enhance efficiency and resilience in global finance, aligning with its mission to scale decentralized systems. The collaboration reflects a growing trend of institutional adoption of blockchain, with banks seeking to streamline processes in areas like securities settlement and cross-border remittances.

Swift’s strategy is twofold: upgrading existing payment rails while preparing for digital finance. The ledger will coexist with traditional systems, offering institutions flexibility to choose infrastructure that best suits their needs. This approach addresses fragmentation in the financial sector, where disparate blockchain projects have struggled to achieve interoperability. By integrating tokenized assets with fiat systems, Swift aims to create a unified framework that reduces complexity and enhances scalability.

Industry leaders have expressed optimism about the initiative’s potential. ANZ’s Nigel Dobson noted that blockchain-based ledgers could enable “instant, always-on cross-border transactions,” while Bank of America’s AJ McCray highlighted the importance of transparency and interoperability in managing cross-border payments. BBVA’s Eva Rubio described the project as a “game-changer,” capable of unlocking efficiencies for clients through real-time settlement and enhanced security. BNP Paribas’ Bruno Mellado added that the initiative could establish foundational infrastructure for connecting blockchain ecosystems through standardized protocols.

The timeline for implementation remains fluid, with Swift prioritizing phased development. Initial proof-of-concept trials will define future stages, after which the ledger will be rolled out to the broader financial community. Analysts suggest that successful adoption could accelerate the shift toward tokenized assets, particularly stablecoins, which offer faster and cheaper alternatives to traditional payment methods. A recent group of nine European banks, for instance, announced plans to develop a euro stablecoin, reflecting growing institutional interest in digital currencies.

By integrating blockchain into its infrastructure, Swift aims to maintain its dominance in global finance while adapting to technological advancements. The project underscores the network’s role as a neutral, trusted platform for innovation, enabling institutions to collaborate on solutions that address evolving market demands. As digital assets gain traction, Swift’s dual-track strategy positions it to remain a cornerstone of the financial ecosystem, bridging the gap between traditional systems and the next generation of digital finance.

Source: [1] Swift to add blockchain-based ledger to its infrastructure stack in ... (https://www.swift.com/news-events/press-releases/swift-add-blockchain-based-ledger-its-infrastructure-stack-groundbreaking-move-accelerate-and-scale-benefits-digital-finance) [2] Swift Taps Consensys For Blockchain Settlement System (https://thenyledger.com/markets/crypto/swift-taps-consensys-for-blockchain-settlement-system/) [4] Consensys: Scaling decentralized finance (https://consensys.io/blog/consensys-scaling-decentralized-finance) [5] Swift To Build a Blockchain-Based Ledger For Financial Firms (https://www.bloomberg.com/news/articles/2025-09-29/swift-to-build-a-blockchain-based-ledger-for-financial-firms)