Swift has completed the design phase of its blockchain-based shared ledger and begun building the first working iteration.
The initiative is aimed at enabling interoperability between banks' tokenised deposits to support around-the-clock cross-border payments across more than 200 countries and territories.
The project was first announced in September 2025, when a cohort of international banks joined Swift to shape the ledger's design. That collaborative phase explored how a shared interbank ledger could improve coordination of cross-border payments as industry expectations shift towards always-on services. The MVP builds on existing bank payment applications and Swift standards, introducing a shared digital orchestration layer to record and validate interbank payment commitments.
Technical architecture and operational model
The ledger is being developed on open-source foundations using an Ethereum Virtual Machine (EVM)-compatible architecture based on Hyperledger Besu. This positions it to integrate with the broader digital asset ecosystem as a new layer within Swift's infrastructure stack, combining distributed ledger technology with Swift's existing global reach and standards.
Swift will operate the ledger itself, handling transaction workflow orchestration, validation of funding commitments, and coordination of interbank processes. Participating banks retain full authority over their own keys, assets, and settlement, whether through real-time gross settlement (RTGS) systems, correspondent banking relationships, or other agreed mechanisms.
Payments executed through the ledger will use tokenised deposits as the underlying representation of value. The model also supports multiple settlement options and leverages existing compliance processes, reducing the need for parallel infrastructure or competing rails.
Scope of capabilities and next steps
Beyond standard cross-border payments, the ledger is designed to support more advanced interbank processes, including programmable corporate payment flows, foreign exchange payment-versus-payment (PvP) settlement, and cash movements for securities transactions. These capabilities are built on shared visibility across institutions, with the aim of reducing reconciliation burdens and improving liquidity management.
In the near term, participating MVP banks will begin conducting live transactions using tokenised deposits, establishing real-time payment flows and a synchronised view of obligations across institutions. In addition, Swift is simultaneously working with banks internationally to define a roadmap for expanded functionality and additional on-chain settlement assets.
The ledger initiative runs alongside a separate but related scheme Swift is developing to improve retail cross-border payments. That scheme introduces new network rules targeting cost transparency, full-value delivery, end-to-end visibility, and instant settlement where available. More than 25 banks are expected to begin adopting this framework by the end of June 2026, supporting both consumers and small businesses.
Moreover, the combination of distributed ledger technology and Swift's existing connectivity is intended to allow institutions to adopt tokenised forms of value without fragmenting current settlement structures.
