According to The Big Whale, the decision followed months of discussions to ensure the L2 could credibly replace SWIFT’s existing centralized infrastructure. More than a dozen global banks are participating in the pilot, including BNP Paribas and BNY Mellon.

The project goes beyond on-chain messaging trials and includes work on an interbank settlement token—a construct similar in spirit to a stablecoin. One source said the program “could mark a major technological step for international interbank payments,” with initial results expected in a few months.

Why Linea

Linea runs on zk-rollup technology, which scales transactions and lowers costs while keeping Ethereum’s security intact. Its use of zero-knowledge proofs adds another layer of privacy — something banks consider essential as they juggle innovation with regulatory pressure.

Because Linea is fully EVM-compatible, institutions can tap straight into Ethereum’s existing infrastructure, making payments faster and cheaper. Analysts point out that Linea’s privacy-first design was a big part of SWIFT’s decision, aligning with its push for more transparency and efficiency. After the pilot announcement, market interest surged, with the token jumping nearly 15% to $0.02807 from lows under $0.025.

Ripple in the Crosshairs

According to Bitget, the move also brushes directly against Ripple, which has long pitched itself as the faster, cheaper cross-border alternative. Yet SWIFT still dominates the space, linking over 11,000 institutions worldwide.

SWIFT’s Chief Innovation Officer, Tom Zschach, has noted that many banks lean toward tokenized deposits and regulated stablecoins — instruments backed by existing rules — rather than going all-in on private solutions.

What It Means for Finance

If the pilot succeeds, it could become one of the clearest cases of blockchain breaking into traditional finance. The goal: cut settlement costs, speed up cross-border transfers, and enable real-time payment tracking.

This isn’t SWIFT’s first experiment either. The network has already worked with UBS and Chainlink on tokenized settlements and is part of the BIS-led Agora initiative. Together, these moves signal that blockchain is steadily moving into the financial mainstream.

Industry watchers say the Linea pilot could end up setting the blueprint for future global payments — pushing the system closer to tokenized, instant settlement.