SWIFT Unveils Blockchain Ledger: 30+ Global Banks Back Push for 24/7 Cross-Border Payments

SWIFT, the global payments network, is revolutionizing cross-border transactions by developing a blockchain-based ledger system with support from over 30 major international banks and blockchain infrastructure company Consensys. This groundbreaking initiative aims to enable 24/7 cryptocurrency and traditional payment processing, potentially disrupting the current banking system that operates on limited business hours.

The blockchain ledger represents a significant shift toward decentralized finance (DeFi) adoption by traditional financial institutions, bridging the gap between conventional banking and cryptocurrency ecosystems. By leveraging blockchain technology, SWIFT's new system could dramatically reduce transaction settlement times from days to minutes, while maintaining the security and compliance standards required by global banks.

This development signals growing institutional acceptance of blockchain technology and could accelerate Bitcoin and cryptocurrency adoption worldwide. The collaboration between SWIFT, major banks, and Consensys demonstrates how traditional finance is embracing digital asset infrastructure to compete with emerging DeFi protocols. The initiative may also impact cryptocurrency markets by providing more seamless fiat-to-crypto conversion pathways, potentially increasing trading volumes and market liquidity across major exchanges.