SWIFT Collaborates with Consensys and Major Banks on Blockchain Ledger
- SWIFT has partnered with over 30 financial institutions, including JPMorgan, HSBC, and Bank of America.
- The initiative aims to develop a blockchain-based ledger focused on real-time, round-the-clock cross-border payments.
- Consensys will provide the technology for the prototype using its L2 network Linea, chosen over Ripple’s XRPL.
- The ledger will utilize smart contracts to record, sequence, and validate transactions securely.
- SWIFT’s focus will be on infrastructure while types of tokens eligible will depend on central banks’ regulations.
This collaboration is expected to enhance accessibility to regulated tokenized assets and expand blockchain applications within the financial sector. By leveraging Consensys’ technology, SWIFT aims to facilitate secure and efficient cross-border transactions.
The partnership represents a significant step in integrating blockchain into traditional banking systems, with over 30 institutions contributing to the design of this innovative ledger for global payments.
