SWIFT, a global payments giant, has made progress on integrating a blockchain-based ledger into its payment network. According to the announcement, it has collaborated with global banks to design features like real-time transaction validation and smart contract enforcement for tokenized assets. In an interview, Thierry Chilosi, our Chief Business Officer, stated , “We Swift, will take the lead at the infrastructure level, making sure the technology is there. We’ve collaborated with Consensys for the first phase of the prototype, but working with the financial institutions is critical.” Swift collaborates with over 30 global financial institutions Swift will initially focus on enabling real-time, 24/7 cross-border payments, which should make the process more cost-effective. Its main advantage is that its existing network is already usable in over 200 countries and connects more than 11,000 banks that use it to send trillions of dollars every day. The group of more than 30 global financial institutions that will help design and build the ledger includes JPMorgan, HSBC, Deutsche Bank, MUFG, BNP Paribas, Santander, and OCBC. It also has branches from other banks in the Middle East and Africa. Thierry Chilos stated that they are currently consulting with the Central Bank to ensure they choose the best settlement model and the best tokens for the exchange to occur. The ledger project is based on Swift’s digital asset tests from the last two years. Through a number of pilot programs involving banks and other financial institutions, the organization has been looking into how well distributed ledger technology works with existing fiat currency systems. As reported by Cryotopolitan, so far, Swift has experimented with Ripple’s XRP Ledger and Hedera’s Hashgraph (HBAR). This sparked some excitement in the crypto community. SWIFT processes over $150 trillion in cross-border transactions annually. Analysts say that even a small amount of that flow moving to blockchains like XRP or HBAR might create a huge demand for these coins. Other analysts state that Swift is building ‘Ripple without saying Ripple.’ According to them, SWIFT’s development is consistent with the framework Ripple has been developing over the past decade. This model centers on a neutral settlement layer that allows financial institutions to transact with real-time finality while maintaining visibility across a shared ledger. Traditional banks set to enter the crypto space Banks are getting ready to get more involved in the crypto market in 2026. In 2026, State Street will also start offering crypto custody services. The project relies on the bank’s current connections with technology companies like Taurus, which puts the bank in a good position to serve asset managers who need regulated digital asset storage. Deutsche Bank is also advancing plans for a crypto custody platform set to launch in 2026. The project involves collaborations with firms such as Bitpanda’s technology division and Taurus. This will enable the bank to offer compliant custody for digital assets in European and other markets. In the meantime, analysts and executives, including those from Bitwise, said that 2026 might be a big year for banks to get involved in crypto, thanks to clearer regulations and more interest from users. Get up to $30,050 in trading rewards when you join Bybit today
