Swift and Consensys Forge Blockchain Settlement System for Global Cross-Border Payments

In a landmark collaboration, Swift has announced a strategic partnership with Consensys and a consortium of more than 30 financial institutions to develop a blockchain-based settlement system. This initiative aims to revolutionize cross-border payments by enabling 24/7 real-time transactions, addressing the limitations of traditional banking hours and processing delays. The system leverages distributed ledger technology to enhance transaction speed, transparency, and security, potentially reducing costs and inefficiencies in global financial operations. While specific participating institutions remain undisclosed, the project underscores a growing industry shift toward integrating blockchain solutions into mainstream financial infrastructure. This move by Swift, a key player in international payments, signals a significant step in modernizing settlement processes to meet evolving market demands for seamless, round-the-clock services.