The most important advantage of Swift is that the existing network can already be used in more than 200 countries Photocredit: suphakit73
Global Financial Messaging Network Swift and more than 30 worldwide banks announced on Monday that they now worked “At Pace” on making cross -border payments immediately and on a system that was able to process the various new forms of digital money.
Swift, an important part of the financial architecture of the world, said that the institutions worked together on a blockchain-based “shared digital ledger” that they regard as essential for modernizing international bank transactions.
The timeline still has to be defined, but it will initially be aimed at engaging in real time 24/7 cross -border payments, which means that the process must also be cheaper in view of it at the moment.
SWIFT, established in Belgium, is also planning to build on recent pilot projects to make its systems “Interoperable” with new ones that are now popping up for stablecoins, tokenized bank deposits and digital currency of the Central Bank (CBDCs) developed by people like China and the European Central Bank.
The most important advantage of Swift is that the existing network can already be used in more than 200 countries and connects more than 11,000 banks that use it to send trillions of dollars every day.
The son of US President Donald Trump’s son and Crypto lawyer Eric Trump recently described Swift as “outdated”, but the hope is that by adding blockchain functionality it can evolve and still offer compliance and resilient functions that traditional banks need.
Stablecoins quickly start from niche crypto instruments in the mainstream. A report from CITI estimated last week that by 2030 to $ 4 trillion stablecoins could be in circulation, with $ 100 trillion on the trade to use them for a year.
About 90% of the central banks in the world now explore digital versions of their Fiat currencies while they want to prevent them from staying behind.
Swift said that the shared digital ledger – a safe, real -time logbook of transactions between banks – would “record, register and validate and maintain rules through smart contracts.”
The group of more than 30 worldwide financial institutions that will help the ledger design and build, include JPMorgan, HSBC, Deutsche Bank, MUFG, BNP Paribas, Santander and OCBC, as well as a number of banks from the East and Africa.
Published on September 29, 2025
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