Chainlink is working on a solution that connects banks' systems to Swift's blockchain ledger for round-the-clock payments. Banks keep the keys that authorise transactions themselves, allowing them to retain their current security routines.
Swift unveiled its blockchain-based ledger at the Sibos banking conference in 2025. The ledger was designed together with more than 40 financial institutions and went from concept to activation in nine months. Kaupr reported in July on how 17 major banks put the ledger to use.
For more banks to join, they need technology that connects their own systems to the ledger. That is the role Chainlink now wants to play. The solution was announced at this year's Sibos in Miami.
At the heart of the solution is that banks sign transactions themselves. The keys that authorise a transfer stay with the bank, while Chainlink's software, the Chainlink Runtime Environment (CRE), coordinates the workflow between the bank's systems and Swift's ledger.
According to Chainlink, banks can then offer tokenised payments around the clock without changing their existing security governance, approval processes or operating model.
The solution is also intended to let banks manage smart contracts, meaning programs that execute transactions automatically according to predefined rules, both on their own ledgers for tokenised deposits and on Swift's ledger.
Swift's ledger does not move the money itself. Tokenised deposits, meaning ordinary bank deposits in digital form, sit on the banks' own ledgers and remain on their balance sheets. Swift's ledger coordinates how funds move between participating banks, including at night and at weekends.
This coordination takes place before final settlement. Settlement still runs through established arrangements, such as central banks' systems for settling payments in real time. Swift's role as a messaging network for banks is unchanged, and banks can extend payment hours without replacing their existing settlement arrangements.
Chainlink chief executive Sergey Nazarov links the solution to more banks wanting to join the ledger.
"I have high expectations for the Swift ledger and what it will mean for tokenised deposits and for where global payments go next. As more banks look to join the ledger, they need a technology partner that can help them launch tokenised deposits and connect properly, so they get the full benefit of its large network of users."
Sergey Nazarov, chief executive of Chainlink Labs
Chainlink does not say which banks will use the solution, or when it will be ready.
Sources: Chainlink
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