From Messaging to Execution: Which Layer of Cross-Border Payments Does the Swift Shared Ledger Actually Change?
An in-depth analysis of the architectural evolution behind Swift's blockchain-based shared ledger. Starting from the classic division between messaging and funds flows, this article dissects the dual-tier accounting model of tokenised deposits, explores the timing gap and liquidity dynamics between 24/7 payment execution and offline final settlement, and objectively compares Swift's model with the BIS unified ledger blueprint.