SWIFT, the global traditional finance payments system, announced it is adding a blockchain-based ledger to its network infrastructure. The messaging system is collaborating with over 30 financial institutions to develop a ledger that could enable 24/7 cross-border payments, building on a prototype created by Ethereum developers Consensys.
The ledger will extend SWIFT’s financial communication capabilities into digital environments, facilitating banks’ movement of regulated tokenized value across digital ecosystems, according to the company. SWIFT currently serves as a messaging system supporting international bank transactions for more than 11,000 financial institutions across over 200 countries and territories.
The move comes as SWIFT faces potential disruption from digital assets, particularly stablecoins, which some suggest could make the traditional system obsolete. In response, SWIFT has been experimenting with blockchain technology and tokenization for several years to stay ahead of this potential threat. The company envisions the new ledger will function as a real-time transaction log between financial institutions, recording, sequencing and validating transactions while enforcing rules through smart contracts.
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