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SWIFT Blockchain Ledger: Over 30 Banks Target Instant Cross-Border Payments

29 September 20251 min read
BANKING & FINANCESWIFT BlockchainLedger: Over 30 BanksTarget InstantCross-Border Payments29 September 2025safalsetu.com

Why in the news

SWIFT teamed up with over 30 banks to modernise international transfers and prepare for new forms of digital money.

Key facts

  • Shared ledger: secure, real-time distributed ledger records, sequences and validates transactions; smart contracts apply rules automatically.
  • 24/7 payments: instant, instead of several days, with potentially lower costs.
  • Digital money: stablecoins, tokenised deposits and CBDCs with interoperability.
  • Reach: trillions of dollars handled daily; existing infrastructure gains blockchain functionality.

Participants

  • JPMorgan, HSBC, Deutsche Bank, MUFG, BNP Paribas, Santander, OCBC, plus Middle East and Africa banks.
  • They will design and build the ledger jointly.

Exam angle

  • SWIFT: global financial messaging network; technology: blockchain.

Test yourself

1. SWIFT and over 30 global banks launched an initiative using which technology for instant cross-border payments?

The initiative uses a blockchain-based shared ledger.

2. The SWIFT initiative supports which new forms of digital money?

It integrates stablecoins, tokenised bank deposits and CBDCs.

3. The SWIFT network connects how many banks, according to the notes on the instant payments initiative?

SWIFT links 11,000+ banks across 200+ countries.

This topic is part of Daily Current Affairs 28 & 29 September 2025 (21 topics).

All topics of the dayDay quizSeptember 2025

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