Overview

• The cohort includes JPMorgan, HSBC, Deutsche Bank, MUFG, BNP Paribas, Santander and OCBC, alongside additional banks from the Middle East and Africa.
• The initiative aims for always-on cross-border settlement and lower costs, but SWIFT has not set a production timeline.
• SWIFT plans interoperability with stablecoins, tokenised bank deposits and prospective central bank digital currencies.
• Industry outlets report ConsenSys as the technology collaborator using its Linea network, with work progressing through prototypes and design phases.
• SWIFT points to its neutral role and existing reach of over 11,000 institutions in more than 200 countries as a scaling advantage for the ledger.