SWIFT is collaborating with Consensys to develop a blockchain-based settlement platform, covering more than 30 global financial institutions, including JPMorgan Chase, HSBC, and Deutsche Bank. The platform aims to enable 24/7 real-time cross-border payments, ensure interoperability with existing systems, and use smart contracts to handle tokenized assets, thereby improving efficiency and compliance. The initiative builds on SWIFT's previous blockchain experiments and aligns with the industry's trend towards modernization in digital finance.