SWIFT's Blockchain-Based Shared Ledger
SWIFT is extending its network into a digital environment with a blockchain-based shared ledger: a permissioned, EVM-compatible orchestration layer that records and validates interbank payment commitments and lets banks move value 24/7 using tokenised deposits — bank money, not crypto. Announced at Sibos 2025 and moved to live pilot in July 2026 with 17 global banks. This guide covers the architecture, the flow, current status, and how it differs from stablecoins.
Technology & architecture
The MVP is built on open-source foundations using an Ethereum Virtual Machine (EVM)-compatible architecture based on Hyperledger Besu — the same EVM standard as public Ethereum, but run as a permissioned network where only authorised bank nodes participate.
| Component | Choice | Why |
|---|---|---|
| Ledger client | Hyperledger Besu | Enterprise-grade, open-source Ethereum client; full EVM smart-contract support on a permissioned network of authorised bank nodes. |
| Consensus | QBFT (Byzantine Fault Tolerant) | Immediate transaction finality without forks — essential for settlement, where a reorged block is unacceptable. |
| Value representation | Tokenised deposits | Each participating bank issues tokenised deposits; smart contracts enforce the rules for every movement. |
| Data / messaging | ISO 20022 | Compliance, credit and risk data travel with each transaction using SWIFT's global messaging standard. |
| Integration | Existing bank apps & SWIFT standards | The MVP builds on banks' current payment applications rather than requiring a rip-and-replace. |
The orchestration layer
The ledger sits as an orchestration layer that connects the tokenised deposits issued by each bank. What previously required a manual confirmation from a back-office system at each step — payment initiation, the compliance gate, counterparty confirmation — is instead programmed into the ledger as smart-contract logic. The result is a single validated record of the interbank commitment that all parties share, rather than each bank holding its own copy and reconciling after the fact.
Design stance: permissioned, not public. Only vetted, regulated institutions run nodes; the EVM/Besu choice buys smart-contract programmability and a large existing developer ecosystem without exposing the network to anonymous participants — a deliberate contrast with public-chain stablecoin rails.