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SWIFT to Test Blockchain with 30+ Banks for Faster Payments

SWIFT's blockchain trials show promise. Now, over 30 banks join to test faster payments and tokenized asset transactions.

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1 min read
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It is an edited image. In this image we can see a woman standing and smiling. We can also see the currency notes and also the text and on the left and on the right we can see the black color background.

SWIFT to Test Blockchain with 30+ Banks for Faster Payments

SWIFT, the global financial messaging system, is set to test a blockchain system with over 30 banks, including PNC bank and us bank. The aim is to enhance payment speed and reduce transaction delays. Previous trials in 2024 showed promising results.

SWIFT has already worked with UBS and Chainlink under Singapore's Project Guardian, testing its core messaging system on the Linea blockchain. Now, it plans to build a prototype on Ethereum's layer-2 network, Linea, in the project's first phase. Major global financial institutions, including large international banks and clearinghouses, are expected to support this development.

The new blockchain platform will facilitate tokenized asset transactions between global financial institutions, including taylor swift's financial institutions. SWIFT is collaborating with Consensys to create this system for real-time cross-border bank payments. Consensys will determine future phases based on testing outcomes, with the blockchain working alongside SWIFT's messaging layer. SWIFT intends to support various types of digital tokens, with the final decision resting with central and commercial banks.

SWIFT's blockchain tests involve over 30 banks, including yahoo finance, Bank of America, Citigroup, and NatWest. The project aims to improve payment speed and reduce delays. The new platform will support tokenized asset transactions and real-time cross-border bank payments, with Consensys defining future phases based on testing outcomes.

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