The global financial messaging network SWIFT has confirmed that its upcoming blockchain-based payments rail will be built on Linea, an Ethereum Layer-2 solution developed by ConsenSys. The announcement was confirmed by ConsenSys CEO Joe Lubin during a fireside chat at the Token2049 conference in Singapore. The SWIFT blockchain payment system on Linea aims to provide a real-time, 24/7 settlement platform that reduces errors, delays, and costs in cross-border transactions.

SWIFT had previously revealed its intent to create a blockchain settlement platform in collaboration with ConsenSys and more than 30 financial institutions, but had not named the underlying technology. Lubin’s confirmation provided clarity, marking Linea as the chosen chain for this global payments initiative.

Why SWIFT Chose Linea for Its Payment System

Linea’s selection as the foundation of SWIFT’s new system highlights its technical strengths. The Ethereum Layer-2 leverages zk-EVM rollup technology, enabling faster processing at around one-fifteenth the cost of Ethereum’s base layer. Data from L2BEAT places Linea’s total value locked at $2.27 billion, making it the fourth largest Ethereum scaling solution.

By building on Linea, SWIFT’s blockchain payment system can provide near-instant settlement without intermediaries, a significant improvement over traditional rails. This approach is designed to support the $150 trillion in annual payments that SWIFT handles, with the potential to reduce operational inefficiencies for banks worldwide. Major institutions including Bank of America, Citi, JPMorgan Chase, and Toronto-Dominion Bank are already preparing to participate in trials.

Joe Lubin described the move as a long-awaited step in uniting decentralized and traditional finance. “It’s about time to bring the two streams, DeFi and TradFi, together”, he noted. His comments underline the broader ambition behind the project. not just improving payment speed, but reshaping how financial infrastructure is built.

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A Shift in Financial Infrastructure

The confirmation of the SWIFT blockchain payment system on Linea represents more than a technical upgrade. It signals a shift toward blockchain adoption at the highest levels of global finance. By choosing a Layer-2 solution instead of a closed private chain, SWIFT positions itself within the broader Ethereum ecosystem, where scalability, security, and interoperability are advancing rapidly.

The project also introduces a new competitive dynamic, particularly against Ripple’s XRP Ledger, which has long promoted itself as a blockchain-based cross-border settlement solution for banks. Unlike Ripple’s purpose-built ledger, SWIFT’s integration with Linea leverages Ethereum’s trustless base layer and open infrastructure, potentially widening the scope for adoption.

As SWIFT moves forward with its trials, the integration will be closely watched by both traditional institutions and the blockchain sector. While the system is still in development and full deployment remains ahead, the confirmation marks a critical milestone. For now, the SWIFT blockchain payment system on Linea stands as a clear example of how established financial networks are preparing to embed blockchain into their global operations.