Overview

• SWIFT said the shared ledger will act as a secure, real-time log that records, sequences and validates transactions and enforces rules through smart contracts.
• Consensys has been engaged to build the conceptual prototype, with participating institutions including JPMorgan, HSBC, Deutsche Bank, Bank of America, Citi, Wells Fargo, BNP Paribas and Santander.
• The design targets interoperability with existing fiat rails as well as public and private blockchains to support tokenized deposits, tokenized assets and potential CBDCs.
• SWIFT has not finalized the technical stack, with reporting noting consideration of Ethereum-based options such as Consensys’ Linea, and no rollout date has been set.
• The effort advances a dual-track strategy that modernizes legacy payment systems in parallel, with the announcement made at the Sibos 2025 conference in Frankfurt.