Swift Readies Ledger for 24/7 Token Transfers—Though True Settlement Is Stuck on Old Rails
Swift said 17 banks across six continents will join a pilot using its blockchain-based ledger to exchange tokenized deposits. Participants include major global banks such as BNP Paribas, BNY, Citi, HSBC, Standard Chartered, UBS, and Wells Fargo. The system is designed to move tokenized deposits overnight and on weekends, while final fiat settlement still runs through existing banking rails during normal business hours. Swift says the goal is better cross-border payments, improved liquidity efficiency, and compliance with current risk and control standards. The move shows traditional financial institutions adopting blockchain in ways that fit their current operations. Swift also said its network is compatible with the Ethereum Virtual Machine, though the system remains centralized, with banks controlling their own assets.
