SWIFT Blockchain Ledger: 30+ Banks Join Forces with ConsenSys

SWIFT, the global financial messaging network, is working with over 30 banks and blockchain company ConsenSys. With a plan to build a new blockchain based ledger, as reported by Cointelegraph. The project aims to make cross-border payments faster, safer and easier for banks and customers.

⚡️ JUST IN: SWIFT is building a blockchain ledger with 30+ banks using Consensys. pic.twitter.com/N77v4vJWRd

— Cointelegraph (@Cointelegraph) September 29, 2025

A Big Step for Global Banking

SWIFT has always helped banks to send money across borders. Now, it is moving into blockchain technology. This change could make international payments faster and reduce any errors.

By using blockchain, SWIFT lets banks record each transaction in a shared ledger. The ledger is safe, transparent and easy to check. Banks can see payments in real time, which helps them to keep track of money and avoid mistakes.

How the Blockchain Ledger Works

The new system uses ConsenSys’ blockchain to connect all the participating banks. Each bank adds its transactions to the ledger, and everyone on the network can see them.

This shared system helps the banks to reconcile accounts quickly. It also lowers the costs because less middle steps are needed. Over 30 major banks are testing the project. Their involvement shows the strong interest in blockchain for practical banking solutions.

Benefits for Banks and Customers

For banks, the ledger makes the process simple. They do not need multiple middlemen to process payments anymore. This saves time and also reduces the risk.

For customers, the changes mean faster international transfers. While businesses can get funds quickly, which helps with cash flow. Individuals sending money abroad may see faster payments too.

SWIFT’s project shows that banks are now using blockchain not just for crypto, but as a real tool to improve everyday banking.

How Blockchain Could Transform Banking

More banks and financial institutions are exploring blockchain solutions. They hope to make payments faster, clearer and safer.

Blockchain is usually linked to digital coins, but this project shows that it can improve traditional banking. By using blockchain, SWIFT wants to stay modern and relevant in a world that is going digital.

Ensuring Security and Compliance

The project still faces challenges. Banks must follow international rules and keep the system safe. The new system also has to work well with the already existing banking networks.

Still, SWIFT and ConsenSys are taking an active approach. They are testing the system with multiple banks to find and fix problems early. This teamwork gives the project a better chance of working out.

SWIFT’s Vision for Modern Banking

The blockchain ledger could change how banks move money around the world. Payments may become faster, more trustworthy and more transparent.

For SWIFT, this project is more than just technology. It is a step toward modern banking. Banks and customers can look forward to a smoother, simpler cross-border payments in the near future.