BBVA has joined a consortium of more than 30 banks partnering with SWIFT to develop a shared blockchain platform designed to embed digital ledger technology at the core of the global financial system.
BBVA Joins SWIFT Blockchain Project
The initiative, led by SWIFT, aims to create a common infrastructure that enables real-time international payments, transfers, and transactions with stablecoins and tokenised assets.
By recording and validating transactions through smart contracts, the platform is expected to cut costs, eliminate intermediaries, and operate 24/7 across borders.
SWIFT, which connects more than 11,500 institutions in 200 countries, is working on the prototype with blockchain specialist Consensys.
The platform is expected to support interoperability between existing payment systems, fiat currencies, and digital assets, while adhering to the governance and regulatory standards under which SWIFT already operates.
BBVA will contribute its expertise in digital innovation to validate potential use cases, including business-to-business payments, international remittances, and asset settlement.
The bank, which has also rolled out bitcoin and ether trading and custody services for retail customers in Spain, said the collaboration strengthens its commitment to advancing blockchain adoption in mainstream finance.
According to SWIFT, the new system will enable financial institutions to offer instant international payments independent of banking hours, ensure secure cross-network transfers of tokenised assets, and improve efficiency in settlement processes.
The goal, it said, is to make cross-border transactions “as agile and secure as local transactions,” while creating a scalable, interoperable platform that can connect to both current and future financial networks.
