How Tokenisation Could Unbundle SWIFT

In practice, tokenisation could also enable new forms of programmable money and smart contracts. These innovations allow transactions to carry embedded rules—such as automatic compliance checks, instant collateral release, or conditional payments triggered by events like shipment confirmation. This level of automation and efficiency goes far beyond the messaging capabilities of SWIFT, reshaping how financial flows are managed globally.

However, the path to unbundling SWIFT is not straightforward. Tokenised systems must grapple with regulatory acceptance, interoperability, and scalability. Central banks and regulators worry about stability, anti-money-laundering (AML) compliance, and data privacy in tokenised networks. Moreover, large banks that rely on SWIFT’s trusted infrastructure are cautious about transitioning to decentralized or hybrid systems without clear global standards.

SWIFT itself is not standing still—it has begun experimenting with tokenisation and blockchain-based pilots to remain relevant in a changing landscape. Yet, as private tokenised platforms and central bank digital currency (CBDC) projects gain traction, the monopoly of SWIFT in global payments could erode. The future may not eliminate SWIFT entirely, but tokenisation could force it into a new role—one where it coexists with or integrates into digital asset ecosystems rather than dominating them.

In essence, tokenisation represents a fundamental shift in the plumbing of global finance. By enabling direct, programmable, and near-instant transfers of tokenised value, it poses both a challenge and an opportunity for SWIFT. The outcome will depend on how regulators, central banks, and financial institutions balance innovation with stability, and whether tokenisation evolves into the backbone of the next-generation payment infrastructure.