- Over 30 global banks are evaluating Swift’s blockchain pilot to test interbank token transfers and compliance controls.
- Linea was chosen for its privacy features, though Swift may add other Layer 2s if performance requirements are unmet.
- The pilot remains experimental, with no public roadmap, making outcomes dependent on institutional adoption.
Swift, the world’s dominant interbank messaging network, has formally begun testing blockchain infrastructure with ConsenSys-developed Layer 2 network Linea. The pilot introduces decentralised ledger technology into a system relied upon by more than 11,000 financial institutions, marking Swift’s first step toward a programmable settlement environment.
The pilot, described as a “research initiative,” includes over 30 major banks across at least 16 countries. Institutions such as BNP Paribas and BNY Mellon are reportedly evaluating whether Swift’s centralised model can transition to blockchain-based rails without compromising privacy or compliance.
According to Swift CEO Javier Pérez-Tasso, the company plans to integrate a blockchain ledger alongside existing messaging functions, enabling tokenised value to move across digital networks with built-in regulatory controls. He stated that the objective is not replacement but layered integration.
Blockchain Trial Extends Beyond Messaging
Unlike previous experiments focused solely on interoperability, this pilot explores settlement mechanisms. Internal documentation indicates that the collaboration may include tests involving stablecoins and an interbank token system.
These would allow financial institutions to exchange tokenised assets directly on-chain, reducing intermediary layers. However, the pilot remains confidential. Swift has not released a full roadmap or governance structure for the shared ledger.
The experimental status places all results in the “potential, not guaranteed” category. Still, participating banks are contributing to feature design, suggesting interest beyond surface-level testing.
Privacy and Compliance
Banks joining the pilot reportedly prioritised encryption and data protection. Linea was selected due to its privacy-oriented architecture and transaction throughput. Swift confirmed that smart contracts will enforce compliance rules within transaction flows, supporting 24/7 cross-border payments without bypassing regulatory frameworks.
This introduces a model where decentralised execution meets traditional oversight. The shared ledger is also being designed for interoperability with both legacy systems and public networks. Earlier Swift trials included tests with Polygon and other blockchains, showing that Linea is not the sole long-term candidate.
Adoption Pace Depends on Institutional Response
Progress now depends on measurable outcomes. Blockchain projects within banks often stall when operational demands meet regulatory friction. Moreover, rival networks continue pitching similar infrastructure solutions to financial institutions. Swift may expand to additional Layer 2s if Linea fails to meet performance thresholds.
For now, the pilot functions as a critical barometer rather than a confirmed transformation. Industry participants are watching the experiment for evidence of feasibility, particularly in settlement finality and message reconciliation across chains.
