SWIFT launches blockchain to pave the way for instant international payments
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The international payment system SWIFT has announced the creation of a blockchain registry for financial transactions, which will allow banks to make payments around the clock and in real time, and will lay the foundation for the use of tokenized assets. About said SWIFT press service.

More than 30 leading financial institutions from 16 countries have already joined the development, including Bank of America, Deutsche Bank, HSBC, JP Morgan, Citi, BNP Paribas, Santander, Wells Fargo, as well as banks from Europe, Asia, the Middle East, and South America.

The first prototype of the system is being prepared by Consensys, a private American company. The registry will operate as a digital transaction log that will automatically record, verify, and organize payments using smart contracts.

SWIFT emphasizes that the company is responsible for the infrastructure, but not for the types of assets that will be traded in the system. This issue is left to commercial banks and regulators.

In this way, the registry can support various forms of tokenized value, including government digital currencies (CBDCs) and stablecoins, which should be fully regulated.

The main reason for the launch is to address the shortcomings of current international payment models, where payments are often delayed due to time zones, different standards, and technical barriers.

The blockchain ledger will ensure compatibility between traditional fiat rails and new digital systems, allowing them to work in sync.

SWIFT CEO Javier Perez-Tasso said that the company is "creating the infrastructure stack of the future". According to him, this will allow banks and customers to receive instant, transparent and secure payments, and SWIFT will maintain its role as a global center of trust in the financial system.

After testing, the registry is expected to gradually begin to integrate into the global financial system.