SWIFT launches blockchain ledger pilot with 17 global banks to enable 24/7 tokenized deposit settlement and cross-border payments.
Macro & Markets ·
Swift has launched a blockchain ledger designed to host a pilot program for tokenized bank deposits involving 17 major financial institutions, including HSBC, Citi, BNY Paribas, UBS, ANZ, DBS, and Standard Chartered. The new ledger completed nine months of development and is ready for initial use, enabling participating banks to process cross-border payments around the clock, including overnight and weekend settlements, while adhering to existing compliance, credit, risk, and control standards.
The pilot addresses a longstanding constraint in traditional finance: payment settlement has historically been limited to banking hours. By operating on a blockchain infrastructure, the ledger allows tokenized value to move across borders with velocity and flexibility while maintaining the security and resiliency required by regulated financial systems. Swift's chief business officer characterized the development as a "key milestone for regulated digital assets" with potential applications in programmable money and commerce automation.
The move reflects broader momentum toward institutional tokenization infrastructure. It arrives one month after a consortium of major banks announced plans to launch a separate tokenized deposit network in the first half of 2027, and follows recent tokenization announcements by the New York Stock Exchange and its parent company, the Intercontinental Exchange. Whether Swift's pilot will operate in parallel with or integrate into competing tokenization initiatives remains unclear.