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Swift to pilot tokenized-deposit blockchain ledger with 17 major banks

The pilot targets round-the-clock cross-border payments, with customer funds moved overnight and on weekends before final settlement through existing rails.

Reported · Written up by our desk · Market Structure

SWIFT is rolling out a blockchain-based shared ledger that aims to enable banks to process cross-border payments 24/7 using tokenized deposits, according to CoinDesk.

The bank-owned messaging network said 17 major institutions are preparing to pilot live transactions on the new platform, including UBS, BNP Paribas, BNY, Citi, HSBC, and Wells Fargo.

Swift said the ledger is designed for regulated digital money and tokenized assets across multiple blockchains, while keeping final settlement tied to existing payment systems rather than replacing them.

Swift also said tokenized deposits, which represent digital versions of commercial bank money, would let banks use a shared layer while extending traditional banking controls to faster, always-on transfers.

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