Swift Taps Consensys for Blockchain Payments Platform with 30+ Major Banks

Core Insights - Swift is developing a blockchain-based shared ledger for cross-border transactions, aiming for instant, 24/7 payments across its network of over 200 countries [1] - The initiative is in collaboration with Consensys and over 30 major financial institutions, including JPMorgan, HSBC, and Deutsche Bank [1] Group 1: Shared Ledger Features - The shared ledger will provide a trusted platform for moving regulated, tokenized value, utilizing smart contracts for real-time transaction recording, validation, and security [2] - Interoperability is a key feature, allowing the ledger to connect with existing financial systems and other blockchain networks [2] Group 2: Industry Support and Vision - Swift CEO Javier Pérez-Tasso views this initiative as a crucial step in creating the "infrastructure stack of the future," enhancing the payments experience through digital transformation [3] - Major banks, including Bank of America, support the initiative, highlighting its potential to provide essential transparency and interoperability for 24/7 payment management [4] - The project is seen as foundational for a more resilient financial ecosystem, particularly as the market for tokenized real-world assets grows [5] Group 3: Broader Industry Trends - This move aligns with a broader trend of integrating blockchain into traditional finance, with recent examples including legally binding bank payments on public blockchains and efforts to develop euro stablecoins [6]