Swift to develop blockchain -payment solution with Consensys

Swift is developing a blockchain-based ledger to enable reasure payments in real time, 24/7, where Ethereum Ecosystem Developer Consensys build the initial prototype.

The solution is part of an attempt to make cross -border payments on ‘unprecedented scale’, said the Society for Worldwide Interbank Financial Telecommunication, or Swift, in press release.

“We have been cleared for financial institutions to take the payment experience to the next level with the proven and trusted platform of Swift in the center of the digital transformation of the industry,” said CEO Javier Pérez tasso.

The system will have “Parallel tracks of innovation to upgrade the experience about existing ‘Fiat’ rails, and to prepare the industry for digital financing, “he said.

The company expects that the ledger, a safe, real -time log of transactions between financial institutions, will register, validate series and transactions and enforce rules through smart contracts, the company said.

Consensys and large banks work together with Swift

Consensys is responsible for developing the conceptual prototype of the blockchain-driven settlement layer. The company is known for the development of the popular Web3 Wallet Metamask, as well as various other products within the Ethereum ecosystem.

Together with Consensys, financial institutions from 16 countries also offer Swift (that stands for Society for Worldwide Interbank Financial Telecommunications) With feedback about the design of the system, according to the press release.

They include Bank of America, Bny, Deutsche Bank, JP Morgan Chase, Standard Chartered and Wells Fargo.

Group of banks that work on Swift Solution Design (source: Company))

Swift has monopolized Tradfi, seems to expand the range to blockchain space

Swift does not actually move money, but acts more as a message between banks around the world. This is intended to reduce errors and fraud risk.

With more than 11,500 institutions from more than 200 countries that are connected to the interbank message system, the SWIFT system can effectively cut a country or bank of the global financial system.

A report Of the American Federal Reserve Bank of New York, the power of Swif emphasized and said: “Sanctions that limit access to this network have become particularly expensive for sanctioned entities.”

With his blockchain solution, Swift is now trying to expand his influence to the distributed ledger ecosystem.

As a milestone moment for both the global financial system and the blockchain industry, Swift announced on SIBOS 2025, it launches a new blockchain-based ledger: https://t.co/lhuhsjoxje

We congratulate our partner Swift and the wider fast community with the use of block chains and … pic.twitter.com/gsqgsyrwgk

– Chainlink (@chainlink) September 29, 2025

The last announcement of a blockchain-driven solution follows a report last week that Swift had started testing payments and messages on chains using Ethereum’s Layer-2 Network Linea.

The report also said that Swift was considering launching his own Stablecoin, but did not specify on which network the product would be used.

Swift has also not mentioned which blockchain the new settlement layer will be built. However, the involvement of Consensys suggests that the Ethereum can be.

Ethereum is currently the leading blockchain network in terms of total value locked on the market. Data from Defillama shows that $ 87.47 billion is locked on the Ethereum -Blockchain, which amounts to around 68.02% of the value in the various networks in the market.

TVL over block chains (source: Fill))

Ethereum also has a share of 53.55% in the Stablecoin market, which is one capitalization from $ 294,856 billion.

Not the first blockchain movement of Swift

Swift’s blockchain cooperation with Consensys is not the first switch from the company to distributed ledger technology.

In March last year, the company acknowledged the value of tokenization and the blockchain model. However, SWIFT argued that these shared grandbooks are not “suitable for wearing and storing large quantities of data” because of the way in which data is synchronized over nodes. That is why it is of the opinion that it can offer a message layer for a blockchain-based financial system.

Later that same year, in November, Swift also offered his global financial messaging network to integrate tokenized fund processes with existing Fiat paying systems. The initiative was carried out using UBS Asset Management and the Blockchain Oracle Network Chainlink.

At the end of 2024, Swift also announced that banks in North America, Europe and Asia would start digital assets tests on its network.

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