Overview

• Work has begun on the first use case for real-time, always-on cross-border payments, with no production timeline set.
• The shared ledger is designed to record, sequence and validate transactions and to enforce rules through smart contracts.
• SWIFT is co-designing the system with ConsenSys and more than 30 institutions including JPMorgan, HSBC, Deutsche Bank, Bank of America, BNP Paribas, Santander, MUFG and OCBC.
• Interoperability with stablecoins, tokenized bank deposits and central bank digital currencies is a core goal, with SWIFT framing its role as neutral infrastructure while issuers decide permissible assets.
• Announced at Sibos in Frankfurt, the project complements upgrades to SWIFT’s existing rails as the cooperative responds to demand for faster, lower-cost global payments.