Archive · 29 Sep 2025
SWIFT, Banks Collaborate on Blockchain for Cross-Border Payments
Imagine sending money to another country.
It can take days!
Now, a group of banks is working with SWIFT to make this happen instantly using new technology.
They're building a special digital record book (a "shared digital ledger") that uses blockchain.
This new system should make payments faster and cheaper.
SWIFT's existing network already connects thousands of banks worldwide, and this new system will support new types of digital money.
Many central banks are also working on their own digital currencies.
SWIFT and major global banks are working on a blockchain-based system.
The goal is to make cross-border payments instantaneous and handle digital money.
The system will utilize a 'shared digital ledger' to record and validate transactions.
The project will initially focus on real-time 24/7 cross-border payments.
SWIFT aims to integrate its systems with stablecoins and central bank digital currencies.
- Who
- SWIFT and over 30 global banks
- What
- Are collaborating to modernize cross-border payments using blockchain technology.
- When
- Announced on Monday
- Where
- Global (over 200 countries)
- Why
- To make payments instantaneous, handle digital money, and remain relevant in the evolving financial landscape.
- Key Players
- SWIFT, over 30 global banks (JPMorgan, HSBC, Deutsche Bank, etc.)
- Project Goal
- Instantaneous cross-border payments, handling digital money
- Technology
- Blockchain-based "shared digital ledger"
- Current System
- SWIFT network used in over 200 countries, connecting 11,000+ banks
- Focus
- Real-time 24/7 cross-border payments