SWIFT Just Proved Blockchain Payments Are the Future, Says BitPay CRO

As SWIFT prepares to roll out a blockchain-based shared ledger with global banks, the payments giant is being watched closely by both traditional finance and crypto-native firms. 

For Bill Zielke, Chief Revenue Officer at BitPay, the move signals validation rather than competition.

“We see SWIFT’s move as more of an enabler than a competitor,” Zielke told Ecoinimist in an email. 

“SWIFT is empowering banks to become blockchain-enabled and better support customer demands for faster, more flexible ways to move money. For us, it reinforces what BitPay has believed since 2011 — that blockchain-based payments are the future of payments,” he said.

SWIFT’s Ledger and the Need for Interoperability

Unveiled at the Sibos 2025 conference in Frankfurt, SWIFT’s new ledger will run alongside its existing infrastructure, with Consensys and more than 30 global banks helping build and test the system. 

SWIFT announces blockchain-based ledger at Sibos (Source: SWIFT)

The aim is to support tokenized, 24/7 cross-border transactions.

For Zielke, the success of such an initiative will hinge on its ability to integrate with public blockchains.

“Interoperability between SWIFT’s system and public blockchains is essential,” he said. 

“Seamless money movement between traditional and blockchain rails creates a critical bridge for banks, businesses, and consumers to adopt blockchain-based payments at varying speeds.”

Some in the crypto community have expressed concerns over whether SWIFT’s blockchain will preserve the open qualities that make decentralized systems appealing. 

Critics argue the ledger could operate as a closed, proprietary network. Commenting on this, Zielke cautioned that this would erode many of blockchain’s advantages.

“Operating as a walled or proprietary system risks removing many of the key advantages that make blockchain technology valuable — enhanced security, lower costs, and always-on global availability,” he said. 

“While some merchants and consumers may initially prioritize convenience, over time they will expect the benefits that open, decentralized networks uniquely provide,” he added.

Merchant Demand and Adaptability

Zielke then went on to dismiss the idea that SWIFT’s blockchain could dampen demand for crypto payments. 

“We don’t see SWIFT’s system changing the demand for crypto payments through BitPay,” he explained. “Businesses will continue to want crypto payments deposited into their bank accounts until they are comfortable holding stablecoins and crypto.”

He added that merchants will insist on choice, and said that ”companies will demand that their blockchain-based payment provider accept the most popular cryptocurrencies, not just stablecoins, from practically any wallet, backed by robust payment operations, comprehensive compliance tools, and flexible settlement options,” capabilities that BitPay has worked on for decades.

BitPay, which already integrates with traditional financial rails, including SWIFT, plans to adapt if banks begin issuing their own tokenized deposits. “If value shifts to bank-backed tokens, we’ll add them — just like we’ve done with every other major payment trend,” Zielke said.

Regulation, Compliance, and the Bigger Picture

Regulation is often cited as the dividing line between bank-led systems and crypto-native networks. But Zielke pushed back, arguing that BitPay has already proven its ability to meet compliance and resilience standards. 

“We’re the oldest continuously operating crypto company in the world, and we’ve built compliance and resilience into our platform from the very start,” he said. 

“Over the years, we’ve processed more than $7 billion in payments and millions of transactions, which gives us unmatched experience in operating securely at scale.”

For Zielke, SWIFT’s adoption of blockchain is ultimately less about competition and more about confirmation.

“SWIFT moving into blockchain shows the value equation is real: faster, cheaper, always-on payments are the future,” he said. 

“No one can predict which network or coin will ultimately see the most volume, and that’s fine,” Zielke added.

“Our job is to keep adding payment options, then let merchants and customers decide what works best for them.”