07:57 AM EDT, 09/29/2025 (MT Newswires) -- JPMorgan Chase ( JPM ) , Bank of America ( BAC ) , and other global financial institutions are working with financial messaging services provider Swift on a blockchain-based shared ledger that will initially focus on cross-border payments, Swift said Monday.

Swift said it has started working with more than 30 financial institutions from 16 countries to design and build the ledger, with the first use case targeted to be real-time, 24/7 cross-border payments.

The cooperative also said it will work "at pace" with Consensys to complete the prototype in phase one of the project.

Financial details were not disclosed.

Besides JPMorgan ( JPM ) and Bank of America ( BAC ), Swift said the financial institutions providing feedback on the ledger's design include Wells Fargo ( WFC ) , HSBC ( HSBC ) , Royal Bank of Canada ( RY ) , Citigroup ( C ) , Mitsubishi UFJ Financial Group (MUFG), Banco Santander (SAN), Toronto-Dominion Bank ( MLWIQXX ) , Banco Bilbao Vizcaya Argentaria ( BBVA ) , Mizuho Financial Group ( MFG ) , Bank of New York Mellon ( BK ) , Itau Unibanco ( ITUB ) , Deutsche Bank ( DB ) , and NatWest Group ( NWG ) .