Chainlink
Chainlink has announced a framework that allows financial institutions to connect their existing systems and transaction-signing infrastructure to Swift’s blockchain ledger while retaining control of their authorization keys. The connection uses Chainlink Runtime Environment (CRE) to coordinate workflows between institutional systems and Swift’s shared ledger.
The framework is built around a self-signing model. Banks retain the keys required to authorize transactions, while CRE acts as the workflow layer connecting institutional infrastructure with Swift’s ledger. According to Chainlink, this structure allows financial institutions to maintain existing approval procedures, security controls and operating models while accessing tokenized payment infrastructure.
Under the model, banks can coordinate smart-contract activity between their own tokenized-deposit ledgers and Swift’s blockchain infrastructure. The deposits remain on bank-controlled ledgers, while Swift’s system coordinates payment commitments between participating institutions before final settlement.
The separation between workflow coordination and transaction authorization is a central feature of the arrangement. CRE can coordinate interactions with the ledger, but the financial institution continues to sign its own transactions. This gives banks a way to connect to the blockchain infrastructure without transferring signing authority to Chainlink.
Chainlink CEO Sergey Nazarov said the company was “thrilled to be supporting the Swift ledger” as financial institutions pursue infrastructure for tokenized deposits and ledger connectivity. However, the announcement did not specify when individual banks would begin using the framework or which of Swift’s pilot participants would adopt CRE first.
The development extends a multi-year relationship between Chainlink and Swift focused on institutional blockchain interoperability. Previous initiatives explored how existing Swift infrastructure could interact with blockchain networks, including work involving tokenized assets and cross-chain communication.
Swift remains the operator of the blockchain ledger. Its implementation model gives participating banks control over their own environments, keys, assets and funding. Final settlement can continue through real-time gross settlement systems, correspondent banking arrangements or other mechanisms agreed by participants.
Swift’s ledger is designed around tokenized commercial-bank deposits rather than a public cryptocurrency bridge asset. The tokenized deposits remain claims on the issuing banks and continue to sit on their balance sheets, while the shared ledger records and validates payment commitments between participating institutions.
This architecture allows payment coordination to operate continuously, including outside traditional banking hours, without replacing the existing settlement infrastructure. Swift has emphasized that the blockchain ledger is intended to coordinate payment activity before settlement rather than replace its role as a global financial messaging network.
The underlying technology also reflects Swift’s institutional approach to blockchain infrastructure. The first version of the ledger uses an Ethereum Virtual Machine-compatible architecture based on Hyperledger Besu, with Swift operating the system and coordinating interbank processes such as the validation of funding commitments.
The initial rollout already involves a defined group of financial institutions. Swift said in July that 17 banks from six continents were preparing initial live transactions using tokenized deposits after the ledger moved from development toward activation.
The participating institutions include ANZ, BNP Paribas, BNY, Citi, DBS, First Abu Dhabi Bank, FirstRand Bank, HSBC, Itaú Unibanco, Lloyds Bank, Mashreq, MUFG Bank, OCBC, Standard Chartered, UBS, UOB and Wells Fargo.
The pilots are designed to test payment flows that can operate overnight and during weekends before final settlement takes place through existing systems. Swift said more than 40 financial institutions contributed to the ledger's design during development, indicating that the project has involved a broader institutional group than the initial live participants.
Several participating banks have also outlined their own tokenization initiatives. HSBC has said it plans to connect its Tokenised Deposit Service to the shared infrastructure, while Standard Chartered, UBS and UOB have described their involvement in terms of tokenized payments, interoperability and continuous money movement.
The scale of Swift’s existing network provides the broader context for the infrastructure being developed. Swift said in July that its network connects more than 11,500 financial institutions and corporates across more than 200 markets and processes an amount equivalent to global GDP roughly every two to three days.
The Chainlink integration does not mean that the entire Swift network is moving onto the blockchain ledger. The Sept. 28 announcement describes a connection framework for institutions seeking access to the ledger, while the current rollout remains focused on the participating banks involved in the controlled launch.
Swift has indicated that the ledger's functionality and availability will expand following the initial rollout. Early implementation work has identified corporate and treasury payments as potential applications, alongside programmable corporate payment flows, payment-versus-payment foreign exchange and cash movements associated with securities transactions.
The project has also progressed rapidly since its announcement at Sibos in September 2025. The initial development involved more than 30 financial institutions and Consensys, while Swift said that more than 40 institutions had contributed by the March 2026 design stage.
For Chainlink, the development places its infrastructure at the workflow layer between established financial institutions and a blockchain-based settlement coordination system. For Swift and its participating banks, the controlled architecture preserves existing authorization and settlement structures while introducing a shared ledger for continuous payment coordination.
The next stage will depend on how the initial banks deploy tokenized-deposit transactions in live environments and how Swift expands access beyond the controlled rollout. The key area to watch is whether the infrastructure moves from pilot activity toward broader institutional use while maintaining the existing governance, authorization and settlement arrangements on which participating banks currently rely.
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