Swift, the company behind global financial messages, is trying something new. It’s working on a project to move parts of its system onto Ethereum, a well-known blockchain, and Linea, a Layer 2 network that runs on Ethereum. Over a dozen banks are involved in this test. This effort shows Swift is serious about updating how money moves between banks around the world.
The goal is to test how Swift’s messaging system works directly on a blockchain. This comes from a report by The Big Whale, which noted that major financial institutions like BNP Paribas and BNY are part of the trial.
An insider, speaking to The Big Whale, mentioned that this project won’t be a quick fix. It will take many months to complete. However, it promises a huge tech upgrade for how banks handle international payments. The fact that such big names are involved highlights just how important this plan is for the global financial system.
SWIFT tests onchain migration to Ethereum and Linea
Over 12 banks, including BNP Paribas and BNY, participate
Seeks privacy and scalability with ZK rollups
Project will last several months and can transform international interbank payments pic.twitter.com/3FZs7nIp54
— Diario฿itcoin (@Blaze Trends)
This isn’t Swift’s first dive into blockchain. In 2023, the company shared results from tests on moving "tokenized" value across different public and private networks. Swift believed these early findings could smooth out issues that slow down the growth of digital asset markets. They also felt it could help these markets grow globally as they mature. Last year, Swift also announced that banks would run live tests of digital asset and currency transactions on its network sometime in 2025. This showed Swift wanted to move past just ideas and truly apply new tech to cross-border payments and advanced financial services.
Why Linea?
The Big Whale shared why Swift picked Linea over other options. Linea focuses heavily on privacy, using advanced cryptographic proofs. Banks find this feature key, as they need to balance new ideas with strict rules. This Layer 2 solution comes from Consensys. It’s a zkEVM, which means it uses ZK-rollup tech and works with Ethereum apps. Linea has been running since July 2023 and recently started handing out its own LINEA token.
Choosing Linea signals a smart move towards tech that offers both speed and secrecy. These are vital for financial institutions dealing with sensitive information and strict rules. Consensys, Linea’s main developer, didn’t comment on the news. However, their involvement adds a layer of trust and technical know-how to the project.
What This Means
Swift’s latest move fits a wider trend. Big financial players are increasingly looking at blockchain to modernize their old systems. If Swift’s interbank messaging successfully moves to Ethereum and Linea, it could cut costs, speed up settlements, and make international payments safer. This plan might also clear the way for digital assets and central bank digital currencies to join global payment networks.
Industry experts see this pilot as a clear sign. Blockchain networks are now mature enough to attract the biggest names in financial infrastructure. If the project works out, it could truly change how banks handle transactions. It might also speed up how quickly institutions adopt digital assets and blockchain-based financial services.