SWIFT launches blockchain ledger enabling 17 banks to pilot 24/7 cross-border payments using tokenized deposits.
Tech & Launches ·
SWIFT has launched a blockchain ledger designed to enable tokenized cross-border payments, with 17 banks positioned as early adopters of the infrastructure. The ledger operates on what SWIFT describes as trusted global infrastructure and permits 24/7 cross-border settlement using tokenized deposits, moving beyond the traditional banking hours that govern conventional payment rails.
The system represents SWIFT's entry into blockchain-based settlement for institutional finance. By anchoring tokenized deposits on its ledger rather than routing transfers through conventional correspondent banking networks, the arrangement aims to accelerate settlement cycles and reduce intermediaries in cross-border transactions. The participating banks are framed as pilots rather than committed long-term users, indicating the ledger remains in an exploratory phase.
The names of the 17 banks, the timeline for pilot completion, and whether additional institutions plan to join remain unspecified in available disclosures. The extent to which this ledger integrates with or competes against other blockchain settlement efforts in traditional finance has not been detailed.