TLDR:
- Swift’s blockchain ledger MVP uses Hyperledger Besu to enable 24/7 tokenised deposit payments across banks.
- Banks retain full control over keys, assets, and settlement while Swift coordinates transaction workflows on the ledger.
- The shared ledger supports faster execution, better liquidity visibility, and reduced reconciliation across institutions.
- Over 25 banks will adopt Swift’s retail payment framework by June, running parallel to the blockchain ledger rollout.
Swift’s blockchain-based shared ledger has moved past its design phase into active development. The MVP is set to go live with real-world transactions this year.
Since September 2025, a global group of banks has collaborated to shape the design. The platform will enable interoperability between banks’ tokenized deposits and support 24/7 cross-border payments.
It is built on open-source foundations and will cover more than 200 countries and territories.
Building the Infrastructure for Digital Interbank Payments
The ledger MVP is built on an EVM-compatible architecture using Hyperledger Besu, an open-source framework. It forms a shared digital orchestration layer within Swift’s existing infrastructure stack.
Banks retain full authority over keys, assets, funding, and settlement processes. Swift will operate the ledger and coordinate transaction workflows across institutions.
Payments on the ledger use tokenised deposits as the underlying value representation. The system also leverages compliance processes already in place at participating banks.
Multiple settlement options are available, covering RTGS systems and correspondent banking arrangements. This approach avoids the need to build competing or parallel payment rails.
The ledger integrates with the broader digital asset ecosystem through its open-source foundations. It combines distributed ledger technology with Swift’s global security, reach, and standards.
More than 11,500 institutions and over 40,000 active payment routes support this network. That base positions Swift to support new digital value forms safely and consistently.
Jonathan Ehrenfeld, who leads Swift’s ledger strategy, spoke directly on the project’s purpose. “We’re focused on delivering the best possible cross-border payments experience, whatever form value takes,” he said.
He added that adding a blockchain-based ledger will bring digital finance benefits into the ecosystem seamlessly and safely. Trust and resilience remain central to the entire platform’s design.
Benefits for Banks and What Comes Next
The ledger will deliver faster payment execution for participating institutions. Better liquidity visibility and reduced reconciliation efforts are additional outcomes of the design.
Interoperability across institutions is also a built-in feature. These benefits come without replacing or fragmenting existing payment infrastructure.
Beyond standard payments, the model supports advanced interbank processes as well. These cover programmable corporate payment flows, foreign exchange PvP, and securities cash movements.
All capabilities rely on shared visibility and coordination across institutions. They build on the same principles as the core payment layer.
Ehrenfeld further noted that the goal is to deliver benefits “at scale and without compromising the trust and resilience that are essential to global finance.”
That framing reflects Swift’s broader positioning as a neutral infrastructure provider. The ledger is not designed to compete with existing rails but to work alongside them. It extends Swift’s reach into the digital money landscape without disrupting current models.
In the near term, participating banks will start live transactions using tokenised deposits. This allows real-time payments across institutions at any hour.
Banks will also gain hands-on experience with 24/7 payment flows during the MVP phase. More than 25 banks will also adopt Swift’s new retail payments framework by end of June, covering cost transparency and instant settlement.
