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Swift readies blockchain ledger for banks’ tokenized cross-border payments
Swift said its ledger is built to support 24/7 cross-border payments while banks keep existing compliance and risk controls during an initial pilot phase.
Swift said its blockchain-based ledger is ready for initial use after nine months of development, a move aimed at expanding how banks handle cross-border payments. Cointelegraph reports that Swift plans a controlled go-live phase first, then expects to expand the ledger’s functionality and availability afterward.
Swift said 17 major banks, including HSBC, Citi, BNP Paribas, UBS, ANZ, DBS, and Standard Chartered, are preparing to pilot cross-border payments using tokenized bank deposits on the new ledger. The company said the approach is designed to enable 24/7 payments, including overnight and weekend transactions, while maintaining compliance, credit, risk, and control standards already embedded in current payment processing.
Swift said its interbank messaging network connects more than 11,500 banks and financial institutions across over 200 countries and territories. Cointelegraph also notes that Swift said 75% of payments on the existing network reach beneficiary banks within 10 minutes, often in seconds.
In parallel, Cointelegraph said U.S. Democratic Senator Ron Wyden urged Senate leaders to keep a section of the CLARITY Act, the Blockchain Regulatory Certainty Act, in the bill moving through Congress. The proposal is intended to protect crypto developers, according to the outlet.