Swift Starts to Build Blockchain-Based Ledger

Following completion of the design phase of its blockchain-based shared ledger, Swift says it is now actively building the first iteration of the product, that is aimed at enabling interoperability between banks’ tokenised deposits, thus facilitating 24/7 cross border payments.

The first iteration is an MVP – minimum viable product – and is scheduled to go live with real world transactions later this year, according to Swift, which adds the new product will operate alongside its existing payment applications. The design has been created by work with a group of cohort banks, first announced in September 2025, which explored how a shared interbank ledger could help banks coordinate cross-border payments more effectively as industry expectations shift toward always-on services. 

The MVP introduces a shared digital orchestration layer that will record and validate interbank payment commitments, while the ledger enables payments to be executed using tokenised deposits as the underlying representation of value, leverages existing compliance processes and supports multiple settlement options.

The ledger MVP is being built on open-source foundations, using an Ethereum Virtual Machine (EVM)-compatible architecture based on Hyperledger Besu. It is designed to integrate with the broader digital asset ecosystem, forming a new layer within Swift’s infrastructure stack that combines the capabilities of distributed ledger technology with Swift’s reach, security and standards. ”It lays the foundation for interoperability and scalability as the digital money landscape evolves,” Swift states.   

Swift will operate the ledger, providing orchestration of transaction workflows, validation of funding commitments and coordination of interbank processes. Banks will operate their own environments and retain full authority over keys, assets, funding and settlement through RTGS systems, correspondent banking relationships or other agreed mechanisms between participants. 

The ledger will deliver several core benefits for participating banks, Swift assert, among them faster payment execution, better liquidity visibility, reduced reconciliation efforts and interoperability across institutions. It adds the model can also support advanced interbank processes spanning programmable corporate payment flows, foreign exchange PvP, and cash movements for securities transactions. These capabilities build on the same principles of shared visibility, enhancing coordination across institutions without introducing competing parallel rails or fragmenting existing infrastructures, Swift says.