Swift Unveils Blockchain Ledger for Faster Cross-Border Payments

Swift, a global financial messaging network, has unveiled its blockchain-based ledger. This innovative technology allows for faster and more efficient cross-border payments. Seventeen banks from six continents are preparing to pilot live transactions, demonstrating strong global demand for the new technology.

The shared ledger provides participating banks with a secure orchestration layer for bank-issued tokenized deposits on their own ledgers. This enables them to move funds for customers 24/7, including overnight and weekends, before completing final settlement through existing systems.

Banks benefit from improved client experience and global liquidity efficiency without compromising compliance, credit, risk, and control standards embedded in existing payment processing.