What is Swift building with blockchain technology?

Swift is developing its own blockchain-based ledger to facilitate more efficient and 24/7 cross-border payments.

Who is leading Swift's blockchain initiative?

Javier Pérez-Tasso, the CEO of Swift, is leading the company's strategic pivot towards blockchain technology.

How many financial institutions are involved with Swift's blockchain?

Over 30 financial institutions are collaborating with Swift on the development of its new blockchain-based ledger.

Home / Business and Economy / Swift Goes Blockchain: Banking Giant Builds Own Network

Swift Goes Blockchain: Banking Giant Builds Own Network

20 Dec

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Summary

Swift is building its own blockchain-based ledger for efficient payments.
Javier Pérez-Tasso leads Swift's surprising pivot to blockchain.
Over 30 financial institutions are collaborating on the new network.

Swift Goes Blockchain: Banking Giant Builds Own Network

Swift, the venerable banking utility responsible for trillions in daily global transactions, has embarked on a significant technological shift by developing its own blockchain network. This initiative, spearheaded by CEO Javier Pérez-Tasso since his 2019 appointment, marks a surprising pivot for the institution known for its traditional infrastructure.

The company's move into distributed ledger technology has been a gradual but deliberate process. A key pilot program in 2022 connected global banks to various blockchain networks. However, the most significant development occurred this year with the announcement of a collaborative effort with over 30 financial institutions to construct a proprietary blockchain ledger.

This new ledger is designed to enhance cross-border payments, making them more efficient and available 24/7. Swift's bold step into building its own blockchain underscores the growing need for financial institutions to remain agile and embrace new technologies to stay competitive and address the 'blockchain disintermediation' threat.