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Banks will begin to process token transactions over the Swift network starting in 2025. Both commercial and central banks will be able to conduct live trials of digital asset transactions on the Swift messaging network starting next year, accelerating institutional adoption of blockchain technology.
The organization that manages Swift’s global network announced that it will test blockchain-based transactions, previously only tested in test environments, with real money and asset movements between different blockchain ledgers. This change will serve as a link for banks experimenting with blockchain technology across platforms.
Swift’s Head of Innovation Nick Kerigan said they want to avoid the technological fragmentation that occurs when banks develop their own blockchain infrastructures. “Our goal is to ensure that digital assets and digital currencies, regardless of the technology they are created with, work seamlessly with the existing financial system,” he said.
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Swift has been testing blockchain-based transactions to support central bank digital currencies (CBDCs) since 2021. This new step will see the first live testing of digital asset transactions on the Swift network. The trials will cover payment transactions and securities exchanges.
Banks that have previously participated in Swift’s blockchain trials include major banks such as Deutsche Bank, HSBC, NatWest Group, Santander and Sumitomo Mitsui Banking Corp. Swift emphasizes that as the financial community embraces new technologies such as blockchain and digital assets, it is imperative to incorporate these technologies into its own ecosystem.
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