SWIFT, a global payments giant, is working to integrate a blockchain-based ledger into its payments network. The company worked with global banks to design features such as real-time transaction validation and smart contract enforcement for tokenized assets, according to the announcement.
Thierry Cirossi, Chief Business Officer of the company, said in an interview: said, “We at Swift take the lead at the infrastructure level and make sure the technology is there. We worked with ConsenSys on the first stage of the prototype, but working with financial institutions is key.”
Swift partners with over 30 global financial institutions
Swift will initially focus on enabling real-time, 24/7 cross-border payments, which should make the process more cost-effective. Its main advantage is that its existing network is already available in over 200 countries and connects over 11,000 banks that use it to transfer trillions of dollars every day.
The group of more than 30 global financial institutions helping to design and build the ledger includes JP Morgan, HSBC, Deutsche Bank, MUFG, BNP Paribas, Santander and OCBC. Other banks have branches in the Middle East and Africa.
Thierry Chiros said he is currently in discussions with the central bank to ensure that the best payment model and best tokens are chosen when the exchange takes place.
This ledger project builds on Swift’s digital asset testing over the past two years. The organization has investigated how well distributed ledger technology works with existing fiat currency systems through a number of pilot programs involving banks and other financial institutions.
as reported According to Cryotopolitan, Swift has so far been experimenting with Ripple’s XRP ledger and Hedera’s Hashgraph (HBAR). This caused excitement in the crypto community. SWIFT processes over $150 trillion in cross-border transactions annually.
Analysts say that even a small amount of flows moving to blockchains like XRP and HBAR could create huge demand for these coins.
Other analysts say Swift is building “Ripple without saying Ripple.” They say the development of SWIFT is consistent with the framework Ripple has been developing over the past decade. The model is centered around a neutral payments layer that allows financial institutions to trade with real-time finality while maintaining visibility across a shared ledger.
Traditional banks aim to enter the crypto space
The bank is preparing to further engage in the crypto market in 2026.
In 2026, State Street will also begin offering crypto custody services. The project relies on the bank’s current connections with technology companies like Taurus, which puts the bank in a good position to serve asset managers who need regulated custody of digital assets.
Deutsche Bank is also moving ahead with plans for a cryptocurrency custodian platform scheduled to launch in 2026. The project includes collaboration with Bitpanda’s technology division and companies such as Taurus. This will enable banks to offer compliant custody of digital assets in Europe and other markets.
Meanwhile, analysts and executives, including those at Bitwise, said 2026 could be a big year for banks to get involved in cryptocurrencies, thanks to regulatory clarity and growing user interest.
