SWIFT launches blockchain ledger with 17-bank tokenized deposit pilot
SWIFT has completed nine months of development on a blockchain-based ledger and says it is ready for initial use. Seventeen major banks, including HSBC, Citi, BNP Paribas, UBS, ANZ, DBS and Standard Chartered, will pilot cross-border payments using tokenized bank deposits on the ledger. The system is designed to support 24/7 payments, including overnight and weekend transfers, while preserving existing compliance, credit, risk and control standards. The launch is a step toward using tokenized deposits inside regulated financial infrastructure and extending payment availability beyond normal banking hours. SWIFT plans to broaden the ledger’s features and rollout after a controlled launch phase. The network already connects more than 11,500 banks and financial institutions worldwide, and SWIFT says most payments on its current rails already settle quickly.
