SWIFT Builds Blockchain Ledger, Rolls Out Payment Rules

SWIFT and more than 30 participating banks are jointly designing a blockchain-based shared digital ledger, using ConsenSys technology for the first prototype, to enable real-time, 24/7 cross-border payments and interoperability with stablecoins, tokenised deposits and central bank digital currencies (CBDCs). In parallel, SWIFT is rolling out new rules for retail cross-border payments with participating banks to guarantee upfront fee transparency, full-value delivery, end-to-end tracking and instant settlement where local rails permit. The initiative includes global banks such as JPMorgan, HSBC and Deutsche Bank and builds on SWIFT's network that links roughly 11,000 banks in more than 200 countries, targeting about 4 billion accounts. SWIFT says the shared ledger would record, sequence and validate transactions and enforce rules through smart contracts, positioning the organisation as a bridge between traditional banking rails and emerging digital forms of money. It also warns that domestic "last mile" issues — local rails, regulations and practices — account for about 80% of total transaction time and will require policy and infrastructure work, even though SWIFT reports 75% of payments on its network already reach beneficiary banks within 10 minutes.