TLDR:
- Swift’s blockchain ledger MVP uses Hyperledger Besu to enable 24/7 token deposit payments at banks.
- Banks retain full control over keys, assets, and settlements while Swift coordinates the transaction workflow on the ledger.
- The shared ledger supports faster execution, better liquidity visibility and less cohesion across institutions.
- More than 25 banks will adopt Swift’s retail payments framework by June, running in parallel with the blockchain ledger rollout.
Swift’s blockchain-based shared The laser has passed its design phase and moved into active development. The MVP is set to go live with real-world transactions this year.
Starting in September 2025, a global group of banks has collaborated to shape the design. The platform will enable interoperability between tokenized deposits across banks and support 24/7 cross-border payments.
IIt is built on an open-source foundation and will cover more than 200 countries and territories.
Creation of infrastructure for digital interbank payments
Ledger MVP is built on an EVM-compatible architecture using an open-source framework, Hyperledger Besu. This creates a shared digital orchestration layer within Swift’s Existing infrastructure stack.
Banks retain full authority over the keys, assets, funding and settlement processes. SWIFT will operate the ledger and coordinate transaction workflows across institutions.
Payments on the ledger use token deposits as the underlying value representation. The system also leverages the compliance processes already in place at participating banks.
Multiple settlement options are available covering RTGS system and correspondent banking arrangements. This approach avoids the need to create competing or parallel payment rails.
The ledger integrates with the broader digital asset ecosystem through its open-source foundation. It combines distributed ledger technology with SWIFT’s global security, accessibility, and standards.
Over 11,500 institutions and over 40,000 active payment routes support this network. That foundation positions Swift to securely and consistently support new digital value forms.
Jonathan Ehrenfeld, who leads Swift’s bookkeeping strategy, spoke directly to the purpose of the project. “Our focus is on delivering the best possible cross border payment Experience, value, whatever form it takes,” he said.
He said that adding a blockchain-based ledger will bring digital finance benefits to the ecosystem seamlessly and securely. Trust and flexibility are at the heart of the design of the entire platform.
Benefits for banks and what will happen next
The ledger will provide faster payment execution for participating institutions. Improved liquidity visibility and reduced reconciliation efforts are additional outcomes of the design.
Interoperability Institutions also have a built-in feature. These benefits come without replacing or disrupting existing payments infrastructure.
In addition to standard payments, the model also supports advanced interbank processes. These cover programmable corporate payment flows, forex PvP, and securities cash movements.
All capabilities depend on shared visibility and coordination across institutions. They build on the same principles as the basic payments layer.
Ehrenfeld further said that the goal is to deliver benefits “at scale and without compromising the trust and flexibility that are essential to global finance.”
This framing reflects Swift’s broader positioning as a neutral infrastructure provider. The ledger is designed not to compete with existing trains but to work with them. This expands SWIFT’s reach across the digital money landscape without disrupting existing models.
In the near term, participating banks will launch live transactions using token deposit. It allows real-time payments across institutions at any time.
Banks will also gain practical experience of 24/7 payment flow during the MVP phase. More than 25 banks will also adopt Swift’s new retail payments framework by the end of June, which will include cost transparency and instant settlements.
