In September 2025, the international interbank system SWIFT announced the launch of a strategic initiative to use blockchain technologies in cross-border transfers. More than thirty of the world’s largest banks, including leading financial institutions from Europe, Asia, and North America, have joined the project. The main goal is to create a unified infrastructure that will significantly reduce the time and cost of international transactions.

Today, international transfers often take one to three business days, and fees can be substantial, especially for developing countries. The new blockchain-based system is designed to operate 24/7 without interruptions, enabling near-instant transfers with minimal costs. The use of smart contracts will ensure transparency and process automation, while also reducing the likelihood of errors and delays.

A key focus of the project is compatibility with various digital currencies and central banks’ initiatives to issue their own digital currencies (CBDCs). SWIFT aims to make the platform a “bridge” between the traditional banking system and the new generation of digital assets, facilitating interaction between different jurisdictions and currencies.

Experts believe that this initiative could become a turning point for the global financial system. If SWIFT’s blockchain platform is successfully implemented, it could greatly reduce the dependence of businesses and individuals on the slow and costly legacy systems of international transfers. Moreover, the project may present a serious challenge to existing cryptocurrency-based payment solutions, as it offers a more regulated and reliable infrastructure.

At the same time, critics point out that success will depend on the level of coordination among banks as well as regulators’ willingness to approve such changes. Issues of privacy, data protection, and transparency also remain key concerns. Nevertheless, SWIFT’s September announcement sent a strong signal: the global banking system is no longer ignoring blockchain’s potential but is actively trying to integrate it into its mechanisms.

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