Swift creates a blockchain ledger for digital assets

SWIFT and a group of more than 30 financial institutions around the world will develop a common digital registry, initially focused on round-the-clock real-time cross-border payments.
Swift will collaborate with Consensys on a conceptual prototype of a registry that will leverage Swift's unparalleled resilience, security, and scalability to simplify transactions using any form of regulated tokenized value.
Separately, based on earlier pilot projects, Swift will also add the capability to support interaction between existing and new systems for various use cases.
The developments are part of Swift's strategy to deliver best-in-class experiences through innovation along parallel paths — modernizing existing rails and creating future digital rails to maximize the choice of infrastructure for the industry.
SWIFT, the global leader in secure financial messaging, has announced the creation of an innovative registry based on blockchain technology, which will be a crucial step for the global financial system, enabling instant and unprecedented cross-border transactions.

Swift has already begun working with a group of more than 30 financial institutions worldwide on designing and creating a registry, focusing on the first use case for 24/7 real-time cross-border payments, starting with a conceptual prototype developed by Consensys. Swift will operate in an accelerated mode to complete the first stage of prototype development and define the next steps.

The registry will expand SWIFT's role in financial communications in the digital space, facilitating the reliable and scalable movement of regulated tokenized banking assets within digital ecosystems. SWIFT focuses on infrastructure: the types of tokens that will be exchanged in the registry fall under the purview of commercial and central banks, and SWIFT will collaborate with them to complement and utilize this new infrastructure.

This project will be implemented in close collaboration with major global financial institutions: JPMorgan Chase, HSBC, Bank of America, and Deutsche Bank. The main goal of the initiative is to prepare a reliable infrastructure for a new generation of digital assets, including stablecoins, tokenized deposits, and tokenized securities.