🔝 Swift’s blockchain-based distributed transaction ledger system will go live this year

🔝 Swift’s blockchain-based distributed transaction ledger system will go live this year

The company has begun developing the first version of its blockchain ledger, ensuring interoperability of tokenized bank deposits for cross-border payments available 24/7.

🔣 The ledger enables payments using tokenized deposits as a base representation of value and supports multiple settlement options.

🔣 The MVP (minimum viable product) is being developed using open-source code, with an architecture compatible with the Ethereum Virtual Machine (EVM) based on Hyperledger Besu. Swift will operate the ledger, ensuring transaction workflow orchestration, verification of funding commitments, and coordination of interbank interactions.

🔣 Banks will manage their own environments and retain full control over keys, assets, funding, and settlements through RTGS systems, correspondent banking relationships, or other agreed mechanisms among participants.

🔣 Context: the system involves 40,000 active payment routes, considering the connection of 11,500 banking institutions across 200 countries.

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