Global banks are intensifying their efforts to modernize cross-border payments, and blockchain is rapidly becoming a key component in this transformation. Spanish financial services giant BBVA announced on Oct. 3 that it has joined a consortium of more than 30 banks in a SWIFT-led initiative to create a shared blockchain ledger. The announcement followed SWIFT’s recent disclosure that it plans to build a blockchain-powered network for continuous, real-time settlement of international payments.

The bank also explained how the system will function:

The new network will function as a shared, secure digital ledger where banks can record their international transactions in real time, sorting and validating them through smart contracts.

“This infrastructure will enable seamless, real-time international payments and transfers and transactions with stablecoins and digital assets,” BBVA highlighted the project’s potential to streamline cross-border transactions.

BBVA, one of Europe’s largest financial groups, said the move supports its broader strategy of strengthening digital services and embracing emerging financial technologies. According to BBVA, the objective is to broaden SWIFT’s traditional role in financial messaging to include tokenized value movement while maintaining compliance, resilience, and interoperability.

Eva Rubio, head of global transaction banking at BBVA Corporate & Investment Banking, reinforced the significance of the initiative: “SWIFT’s digital ledger initiative is a game-changer for the future of crossborder payments … At BBVA, we are committed to collaborating on this next chapter of financial innovation to deliver the speed, transparency and resilience that businesses and consumers need in a digital world.”

The platform is also designed to handle tokenized assets and stablecoins. As BBVA further noted:

In addition, it will support transactions with stablecoins and tokenized financial assets (digitally represented money, bonds, or deposits), which can be transferred between blockchain networks instantly, securely, and traceably.

To develop and test these use cases, SWIFT is working with blockchain software firm Consensys. While industry experts caution that regulatory and operational hurdles must be addressed, advocates argue the initiative could reduce costs, improve transparency, and enable international payments to function with the same efficiency and speed as local transactions.

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