SWIFT — the Society for Worldwide Interbank Financial Telecommunication — has started a collaboration with more than 30 global banks to integrate a blockchain-based ledger into its existing messaging network. Thierry Chilosi, SWIFT’s Chief Business Officer, said the project is now focused on finalizing the technical design of that ledger together with participating banks. The initiative follows earlier work with blockchain firm ConsenSys and positions SWIFT as the orchestrator and platform provider rather than a replacement of its current network.
What is the SWIFT blockchain system project?
The core idea is to add a shared, permissioned ledger to SWIFT’s large financial messaging infrastructure so that banks can record and reconcile cross-border transactions more effectively. This is framed as an upgrade to the existing system, designed in partnership with a consortium of banks rather than as an isolated pilot. The stated aims are to enhance speed, transparency, and security across the trillion-dollar cross-border payment ecosystem while meeting real-world operational needs.
Who is participating in the consortium?
SWIFT says the effort involves more than 30 global banks, with Standard Chartered named among confirmed participants and SWIFT coordinating the technical work. The membership list has not been published in full, but the project is explicitly structured as a collaborative initiative between SWIFT and its banking partners. For context on related bank initiatives, see work on Standard Chartered tokenized deposits.
Why collaboration matters
Thierry Chilosi stressed to Standard Chartered’s Michael Spiegel that collaboration is essential to reach meaningful scale; the ledger’s usefulness rises with broad participation. Network effects mean a shared ledger only delivers systemic benefits if many counterparties accept and use it concurrently, which is why SWIFT chose a bank-led consortium model. This approach contrasts with closed proprietary systems and is intended to secure wider industry adoption from the outset.
Potential benefits for cross-border payments
The project targets longstanding frictions in international payments by applying distributed ledger technology in a permissioned setting. Expected improvements include faster settlement, clearer transaction visibility, and stronger end-to-end security controls.
- Speed: reducing delays in reconciliation between correspondent banks.
- Transparency: improved tracking of payment status across participants.
- Security: a shared ledger can standardize and harden record-keeping among trusted institutions.
These benefits are aimed at the broad, trillion-dollar market for cross-border flows and are presented as operational enhancements to existing banking processes rather than a change to account ownership or settlement currencies.
Technical and regulatory challenges
Integrating a new ledger with legacy banking systems is technically complex and requires careful design to meet operational requirements, which is why the project is in a design-finalization phase. Cross-jurisdictional regulatory compliance and the need for participating banks to reach operational consensus are further hurdles. SWIFT’s role as a neutral global cooperative is noted as an advantage in coordinating these technical and governance discussions.
Timeline, launch expectations and what it does not include
The project is currently in the phase of finalizing the technical design of the ledger with banking partners, and SWIFT has not announced any public launch date. Importantly, the initiative does not involve creating a public cryptocurrency and will not use existing public coins like Bitcoin for settlement. Details about rollout timing and further participant disclosures will depend on the outcomes of the current design work and subsequent governance decisions.
Why this matters (for a miner in Russia)
If you run mining equipment in Russia — whether a single rig or a fleet of up to a thousand devices — this announcement does not change mining protocols or the role of public cryptocurrencies in settlement. The project explicitly excludes creating or using a public cryptocurrency like Bitcoin for interbank settlement, so it will not directly alter block rewards, mining difficulty, or your operational setup. Staying informed can still help you understand broader industry shifts, but there is no immediate technical action required for mining operations because of this SWIFT initiative.
What to do?
For miners with 1–1000 devices in Russia, practical steps are limited: keep your mining setup secure, maintain backups for wallets, and continue following official updates from reputable sources about infrastructure changes. Do not assume banks will settle in public cryptocurrencies, and avoid making investment or operational changes based solely on this announcement. If you follow developments, rely on primary statements from SWIFT and confirmed participant disclosures rather than speculation.
FAQ
What is SWIFT’s role in the new system?
SWIFT acts as the orchestrator and platform provider: it intends to integrate a blockchain-based ledger into its messaging network rather than replace that network. The organisation coordinates the technical design with banking partners and facilitates the shared infrastructure that the consortium will use.
Which banks are involved and how public is the list?
SWIFT says the group includes more than 30 global banks, and Standard Chartered is explicitly mentioned as a participant. A full public list has not been released, so confirmed names remain limited to those disclosed by SWIFT or participating banks.
How will ordinary users benefit?
According to SWIFT’s stated goals, end-users could see faster and more transparent cross-border transfers as banks adopt the shared ledger for transaction recording and reconciliation. These improvements relate to the processing layer between banks and aim to reduce delays and opacity in international payments.
Is this related to cryptocurrencies like Bitcoin?
No. The project is a permissioned ledger for use by trusted financial institutions and explicitly does not create a new public cryptocurrency nor use existing public coins such as Bitcoin for settlement. It is intended as an interbank infrastructure upgrade, not a public crypto payment rail.
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