SWIFT moves toward blockchain: real-time global payments for 11,500 banks

The world’s most widely used financial messaging network is preparing for a major infrastructure shift. SWIFT has announced it is developing a shared blockchain-based ledger designed to enable interoperable, real-time, 24/7 cross-border payments across its network of more than 11,500 financial institutions.

The initiative has reached the MVP stage, with live transactions already underway. More than 30 global banks are participating, and technology partners include Amazon Web Services, Highnote, and Mesh.

The goal is to enable interoperability between tokenized bank deposits across different currencies and jurisdictions. In this model, value can be transferred directly on a shared infrastructure, replacing the current messaging-based settlement process that can take hours or even days.

Traditionally, SWIFT does not move money itself; it sends secure messages between banks, which then settle through correspondent accounts. A shared ledger could streamline this process, enabling near-instant settlement and reducing operational risk.

SWIFT also announced plans to introduce a new scheme for consumer and SME payments by 2026, expanding beyond traditional interbank transfers.

The initiative is not meant to replace SWIFT’s existing system, but to evolve it. Banks will need to integrate new technological capabilities, while fintech players may face a higher standard for global payment infrastructure.

If implemented at scale, the shift would move international payments from delayed message-based settlement to real-time value transfer.