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.
How a payment moves
A cross-border payment on the shared ledger collapses the multi-hop correspondent sequence into a coordinated, programmable settlement against tokenised deposits. Step through the animated flow — click any step to expand the detail.
A cross-border payment on SWIFT's shared ledger: the sending bank records a commitment, smart-contract logic runs the compliance gate, the receiving bank confirms on-ledger, tokenised deposits move with immediate finality, and the ledger coordinates final settlement on existing infrastructure — available 24/7.
Initiation
Sending bank records the payment commitment on the shared ledger.
The instruction is initiated from the bank's existing payment application and carries ISO 20022 compliance, credit and risk data. It is recorded on the permissioned ledger as a single shared commitment rather than a one-way message.
Initiation
The sending bank initiates the payment from its existing application. The instruction — carrying ISO 20022 compliance, credit and risk data — is recorded on the shared ledger as a commitment.
Compliance gate
Smart-contract logic enforces the compliance and risk checks that previously required manual back-office confirmation, using the data attached to the message.
Counterparty confirmation
The receiving bank's confirmation is encoded on-ledger rather than exchanged as a separate round of messages — all parties see the same validated state.
Value transfer
Value moves as tokenised deposits between the banks, executed by the smart contract with immediate BFT finality — available 24/7, including nights and weekends.
Final settlement
The ledger coordinates on top of existing infrastructure: final settlement can still complete through established payment systems, with the ledger providing the always-on orchestration and shared record.
Contrast with today: a classic correspondent-banking payment can traverse several intermediaries with sequential messaging, cut-off windows and post-hoc reconciliation. The shared ledger replaces that with one shared, programmatically-validated commitment — see Settlement & Clearing for the baseline it improves on.