In a move toward modernizing global finance, SWIFT is collaborating with ConsenSys’ Linea, a Layer-2 blockchain solution, for a new pilot program. The initiative aims to assess the feasibility of transitioning existing interbank communication systems to a blockchain-based framework, as reported by The Big Whale.
Sources indicate that the decision to partner with Linea followed extensive evaluations spanning several months, ensuring the Layer-2 network could effectively replace SWIFT’s current centralized structure.
Over a dozen prominent banks, including financial powerhouses like BNP Paribas and BNY Mellon, are slated to participate in the collaborative trial. Beyond evaluating the updated messaging capabilities, the participants intend to investigate the incorporation of stablecoins into the new system.
According to a representative from one of the participating institutions, the project is expected to remain under wraps for several months before gaining wider recognition. However, it holds the potential to bring about a substantial technological shift in the way international interbank payments are handled.
The Big Whale also reports that SWIFT is in the process of developing a proprietary “interbank token.”
Industry observers believe that the consortium’s exploration of blockchain technology stems from its promise of enhanced speed, increased transparency, and improved programmability for processing payments. The selection of Linea as the preferred blockchain solution is reportedly due to the network’s emphasis on maintaining transaction privacy.
Sources emphasize that while the project is currently in the research and development phase, it is already attracting a select group of influential financial institutions. These institutions view the initiative as an opportunity to prepare for a possible revolution in the infrastructure underpinning global payments.
Previously, in 2024, SWIFT announced its plans to experiment with transactions involving digital assets.
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