Interbank payments system Swift will begin testing digital asset transactions on its global network in 2025. This is the first time Swift has put blockchain technology into practice, with the participation of banks from North America, Europe and Asia.
Swift will leverage existing infrastructure to create a “bridge” between public and private blockchains, allowing banks to conduct both cash and digital asset transactions across borders on a single platform. Instead of having to operate on separate, disconnected systems as before.
This is a new step after Swift partnered with Chainlink to test connectivity with the Ethereum blockchain.