SWIFT Expands Blockchain Ledger Initiative With more than 40 Banks and 2026 Go-Live Plan
SWIFT is advancing its blockchain ledger project as banks increase work on tokenized payments and faster cross-border settlement. The network says more than 40 financial institutions are involved, while the first version is being built for real-world use in 2026. The effort comes after SWIFT’s broader payments upgrades and its ISO 20022 migration milestone in late 2025.
SWIFT moves blockchain ledger project toward 2026 launch
SWIFT said on March 30, 2026, that it had completed the design phase of its blockchain-based shared ledger and had started building the first version. The group said the system is meant to support interoperability between banks’ tokenized deposits and enable 24/7 cross-border payments.
The network added that more than 40 financial institutions are now part of the work. This marks an expansion from September 2025, when SWIFT said it would develop the shared digital ledger with a group of more than 30 financial institutions.
SWIFT said the minimum viable product is planned for live transactions in 2026. Its earlier working-group material also referred to go-live planning in the first and second halves of 2026 for different participant groups, which supports the mid-2026 timeline now circulating in the market.
Hyperledger Besu and ISO 20022 support the system build
SWIFT said the new ledger uses an Ethereum Virtual Machine-compatible setup based on Hyperledger Besu. The network said this layer is being added to its infrastructure stack rather than replacing existing banking rails.
The company also said banks will keep control over their keys, assets, and funding. Settlement can continue through existing channels such as RTGS systems and correspondent banking arrangements, while the shared ledger coordinates tokenized payment activity across participants.
This work follows SWIFT’s wider move to ISO 20022. SWIFT has said the CBPR+ migration began in March 2023, and it has described November 2025 as a key milestone in the shift to richer payment messages. The standard supports more structured payment data, which is useful for newer digital asset and tokenized settlement models.
Banks expand blockchain and payment modernisation efforts
SWIFT’s ledger project is part of a broader push by global banks to modernize payment systems and improve cross-border settlement speed. The network has framed the project around tokenized deposits and shared infrastructure that can support round-the-clock payment activity.
SWIFT also published separate updates on retail cross-border payments. On March 5, 2026, it said more than 25 banks had committed to process payments under its new retail framework by the end of June 2026, while more than 50 banks had signed up in total.
In a March 11, 2026 statement, SWIFT quoted Javier Pérez-Tasso as saying, “We’ve driven major improvements in cross-border payments, and now we’re taking that a step further.” The latest updates show that SWIFT is moving its blockchain and payments work from design into implementation as banks prepare for broader rollout in 2026.
