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Financial messaging network <\/span>Swift<\/span><\/a> is adding a blockchain-based shared ledger to its technological infrastructure.<\/span><\/p>\n The move is designed to make \u201cinstant, always-on cross-border transactions possible at unprecedented scale,\u201d Swift said in a <\/span>news release<\/span><\/a> Monday (Sept. 29).<\/span><\/p>\n According to the release, Swift has already begun work with 30 financial institutions (FIs) around the world to develop the ledger, focusing on real-time, 24\/7 <\/span>cross-border payments<\/span><\/a> and beginning with a conceptual prototype by Consensys<\/a>.\u00a0<\/span><\/p>\n Banks involved in the project include Banks involved in the program include <\/span>J.P. Morgan Chase<\/span><\/a>, <\/span>Bank of America<\/span><\/a>, <\/span>Wells Fargo<\/span><\/a>, <\/span>Santander<\/span><\/a>, <\/span>Deutsche Bank<\/span><\/a> and several others.<\/span><\/p>\n \u201cThe ledger will extend Swift\u2019s financial communication role into a digital environment, facilitating banks\u2019 trusted and scalable movement of regulated tokenised value across digital ecosystems,\u201d the release added.<\/span><\/p>\n \u201cSwift\u2019s focus is on the infrastructure \u2013 the types of tokens that will be exchanged on the ledger is the territory of commercial and central banks, and Swift will work with them on how to complement and make use of this new infrastructure.\u201d<\/span><\/p>\n Advertisement: Scroll to Continue<\/p>\n<\/div>\n The goal is for the ledger, which Swift describes as a \u201csecure, real-time log\u201d of transactions between FIs, to record, sequence and validate transactions and enforce rules using <\/span>smart contracts<\/span><\/a>. It will be designed for interoperability with existing and emerging networks, \u201cwhile maintaining the trust, resilience and compliance synonymous with Swift,\u201d the release added.<\/span><\/p>\n \u201cWe provide powerful and effective rails today and are moving at a rapid pace with our community to create the infrastructure stack of the future,\u201d Swift CEO <\/span>Javier P\u00e9rez-Tasso<\/span><\/a> said when announcing the ledger at the organization\u2019s annual conference Monday.<\/span><\/p>\n \u201cThrough this initial ledger concept we are paving the way for financial institutions to take the payments experience to the next level with Swift\u2019s proven and trusted platform at the center of the industry\u2019s <\/span>digital transformation<\/span><\/a>.\u201d<\/span><\/p>\n The blockchain project comes days after Swift announced a new set of rules designed to <\/span>provide faster cross-border payments<\/span><\/a> for consumers and small businesses.<\/span><\/p>\n The rules, created in partnership with many of the same banks involved in the blockchain effort, will help retail customers have peace of mind when making international payments, said Swift.<\/span><\/p>\n