Moving to implementation
The ledger MVP is being built on open-source foundations, using an Ethereum Virtual Machine (EVM)-compatible architecture based on Hyperledger Besu. It is designed to integrate with the broader digital asset ecosystem, forming a new layer within Swift’s infrastructure stack that combines the capabilities of distributed ledger technology with Swift’s global reach, security and standards. It lays the foundation for interoperability and scalability as the digital money landscape evolves.
Swift will operate the ledger, providing orchestration of transaction workflows, validation of funding commitments and coordination of interbank processes. Banks will operate their own environments and retain full authority over keys, assets, funding and settlement through RTGS systems, correspondent banking relationships or other agreed mechanisms between participants.
Progress on the ledger is part of Swift’s overall strategy to power a best-in-class payments experience however value moves. On a parallel track, Swift is also developing a scheme that creates new network rules to ensure a consistently fast and predictable experience for consumers and small businesses, with upfront transparency on payments costs, guaranteed full value delivery, end-to-end visibility, and a commitment to instant settlement where available. Together, these tracks ensure the benefits of digital finance can scale without compromising the trust and resilience of existing models.
“We’re focused on delivering the best possible cross-border payments experience, whatever form value takes,” said Jonathan Ehrenfeld, who leads the Swift ledger strategy. “Adding a blockchainbased ledger to our infrastructure will bring the benefits of digital finance into the ecosystem seamlessly and safely, at scale and without compromising the trust and resilience that are essential to global finance.”
With more than 11,500 institutions connected across 200+ countries and territories, and over 40,000 active payment routes, Swift provides trusted scale, reach and resilience. This foundation positions Swift to help the industry adopt new forms of digital value safely and consistently across markets.
