SWIFT Confirms Launch of Blockchain Platform by ConsenSys

SWIFT integrates blockchain ledger for real-time payments.

The financial messaging network SWIFT is integrating a blockchain-based distributed ledger into its infrastructure.

The initiative will focus on 24/7 real-time cross-border payments. SWIFT will develop the ledger based on a conceptual prototype created in collaboration with ConsenSys.

The platform is designed for secure transactions with regulated tokenized assets. It will use smart contracts to record and verify operations. The solution is focused on compatibility with existing and new financial systems while maintaining SWIFT’s compliance standards.

SWIFT is collaborating with over 30 financial institutions to gather feedback and support implementation. These include Banco Santander, Bank of America, BNP Paribas, HSBC, and JPMorgan.

The release did not disclose technical details of the partnership. However, earlier reports indicated that SWIFT is experimenting with moving its system on-chain using ConsenSys’s L2 solution, Linea.

SWIFT CEO Javier Pérez-Tasso stated that the ledger concept “paves the way” for elevating payments to a new level. According to him, the platform is at the heart of the industry’s digital transformation.

The company will also introduce client solutions for seamless transactions between private and public networks.

QNB and JPMorgan in Qatar

Qatar National Bank (QNB) has begun using JPMorgan’s Kinexys blockchain platform for processing corporate payments in Qatar, reports Bloomberg.

The new system allows for 24/7 cross-border payments. QNB Executive Vice President Kamel Moris described the development as a “treasurer’s dream.” He stated that the bank can guarantee transactions within two minutes.

The daily transaction volume on Kinexys is approximately $3 billion, part of JPMorgan’s total daily payments volume of $10 trillion.

Back in August, Teucrium CEO Sal Gilbertie suggested potential competition between Ripple and SWIFT.