SWIFT and major banks test Ethereum-compatible blockchain payment infrastructure

A shared ledger prototype is being developed by Consensys with an Ethereum-compatible architecture to support the SWIFT infrastructure, rather than replacing the current system. This solution focuses on operations where blockchain payments offer clear advantages, such as 24/7 interbank payments and tokenized asset transfers across different digital ecosystems.

Smart contracts will record, verify, and enforce compliance requirements directly within the processing logic. This is a key factor, because an instant payment without enforcement measures is riskier than a slower, compliant transaction. Integrating compliance helps the system align with tightly regulated banking environments.

Participating organizations include BNY Mellon, HSBC, J.P. Morgan, Citi, Deutsche Bank, Standard Chartered, and Bank of America. The involvement of major institutions across various legal jurisdictions creates a significant network effect.

The project is seen as a strategic opportunity for 2026, not only accelerating payments but also improving tokenized collateral asset management. This initiative reflects a broader trend where central banks and large financial institutions are building compatible digital payment infrastructures from multiple directions. Although large-scale deployment may take years, the participation of market-leading organizations indicates that the financial infrastructure transition has entered an implementation phase, rather than just testing.