Swift has launched a blockchain-based ledger that will power a pilot with 17 major banks testing tokenized deposits for faster, round-the-clock cross-border payments.
Global financial messaging network Swift said on Thursday that its new blockchain ledger is ready for its first live pilot after nine months of development.
The pilot will include 17 major banks, including HSBC, Citi, BNP Paribas, UBS, ANZ, DBS and Standard Chartered, which will test cross-border payments using tokenized bank deposits.
The new ledger is designed to support 24/7 cross-border payments, including overnight and weekend transactions, while preserving the compliance, risk management and settlement standards used in today’s banking system.
The rollout marks another step in banks’ efforts to bring tokenized deposits into regulated financial infrastructure and extend payment services beyond traditional banking hours.
Swift said it plans to gradually expand the platform’s capabilities after the initial pilot phase.
The network connects more than 11,500 banks and financial institutions across over 200 countries and territories. According to Swift, about 75% of payments on its existing network already reach recipient banks within 10 minutes, with many settling in seconds.
Swift sees milestone for digital assets
Thierry Chilosi, Swift’s chief business officer, called the launch a ”key milestone” for regulated digital assets, saying it could support future applications such as programmable money and automated digital commerce.
He said the new ledger allows tokenized assets to move across borders more efficiently while maintaining the security, resilience and compliance standards expected by the global financial system.
The launch comes as major financial institutions continue to expand tokenization efforts. Last month, a group of banks including JPMorgan Chase, Bank of America, Citi, Barclays, BNY and Wells Fargo announced plans to launch a tokenized deposit network in the first half of 2027. Operated by The Clearing House, the network aims to connect traditional payment rails with digital asset infrastructure for 24/7 settlement.
Traditional financial markets are also moving toward tokenization. In March, the New York Stock Exchange (NYSE)partnered with Securitize to develop blockchain infrastructure for tokenized stocks and exchange-traded funds. Earlier this year, NYSE parent Intercontinental Exchange (ICE) announced plans for a tokenized securities platform supporting 24/7 trading, instant settlement and stablecoin-based payments.
Featured image from: cointelegraph.com