Swift Tests Crypto Payments with Linea and Global Banks

According to reporting by The Big Whale, the network is working with more than a dozen global banks, including BNP Paribas and BNY Mellon, to test how its secure messaging system could run on Linea, an Ethereum Layer 2 built by Consensys.

The project is still under development. Its bold goal is to reshape how banks and crypto payments move money around the world.

Why Swift Matters and Why Blockchain Now

For over 50 years, Swift has been the global standard for interbank communication. Each day, it helps process trillions of dollars by sending secure messages between banks. But while it works, the system is slow compared to today’s digital-first economy. Cross-border payments can take days, especially when different time zones and compliance checks are involved.

Blockchain promises a new model. By design, it allows information and value to move instantly across networks with fewer middlemen. An Ethereum Layer 2 like Linea takes this further by processing transactions faster and cheaper while still relying on the security of the Ethereum main chain. For banks, this could mean cutting settlement times from days to minutes.

A real-world example shows why this matters. In 2023, JPMorgan used a blockchain pilot to settle cross-border trades of tokenized assets in near real time. What once required multiple steps and reconciliations was done in minutes. Swift and its banking partners want to explore if that same speed can be applied to the backbone of global payments.

The Bigger Picture: Banks and the Web3 Shift

Swift’s pilot reflects a larger trend in finance. Traditional institutions are not ignoring blockchain anymore; they are testing it at scale. Data from the Bank for International Settlements shows that more than 90% of central banks are exploring digital currencies, with many focusing on interoperability across borders.

By working with Linea, Swift is tapping into Ethereum’s ecosystem while keeping the privacy and control that banks demand. If successful, it could set the stage for a hybrid model where blockchain supports the financial infrastructure without replacing existing regulations. Investors and industry watchers view this as a sign that blockchain is transitioning from experiments to the core of financial infrastructure.

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