SWIFT to Build Blockchain Payment Platform on Ethereum Layer-2 Linea with ConsenSys
In a major step toward blockchain adoption in global finance, ConsenSys CEO Joe Lubin has confirmed that SWIFT — the world’s leading interbank messaging network — will develop its blockchain-based payment settlement platform on Ethereum Layer-2 network Linea.
The announcement was made during a fireside chat at the TOKEN2049 conference in Singapore.
Earlier, SWIFT CEO Javier Pérez-Tasso had shared plans for a blockchain-based payment system without disclosing the specific network. Lubin revealed that the soft rollout was intentional to gauge the response from banks, which turned out to be overwhelmingly positive.
The new blockchain infrastructure involves over 30 major financial institutions, including Bank of America, Citi, JPMorgan Chase, and Toronto-Dominion Bank. These firms will participate in pilot trials to test SWIFT’s blockchain-based payment rails built on Linea.
Linea, developed by ConsenSys, uses zk-EVM rollup technology capable of processing around 1.5 transactions per second, with transaction fees roughly one-fifteenth of Ethereum mainnet costs. The network currently holds $2.27 billion in total value locked (TVL), ranking fourth among Ethereum Layer-2s, behind Arbitrum One, Base Chain, and OP Mainnet, according to L2Beat data.
Currently, SWIFT processes around $150 trillion in annual global payments through its traditional system. Moving to blockchain will enable real-time, 24/7 settlement, eliminate intermediaries, and reduce costs, errors, and delays — marking a revolutionary step for institutional finance.
This strategic move also places SWIFT in direct competition with Ripple’s XRP Ledger, which has long served as a blockchain-based payment solution for banks. The partnership signifies a powerful validation of blockchain technology in traditional banking and finance.
Lubin also emphasized Linea’s broader potential beyond payments — envisioning it as a platform for decentralized applications, community governance, and user-generated ecosystems, powered by Ethereum’s trustless settlement layer.