SWIFT activates blockchain ledger to begin 17-bank tokenized deposit trial

SWIFT has introduced a blockchain ledger designed to run a tokenized bank deposit pilot with 17 large institutions that are targeting faster cross-border payments.

SWIFT readies blockchain ledger after nine months of development. The world's largest financial messaging network reported that its blockchain-based ledger has completed development and is prepared for initial deployment. The group of banks, which includes HSBC, Citi, BNP Paribas, UBS, ANZ, DBS and Standard Chartered, will test cross-border payments that rely on tokenized deposits recorded on the new infrastructure.

The pilot was announced on Thursday.

Ledger supports 24/7 payments while preserving compliance standards. Banks taking part will be able to process cross-border payments around the clock, covering overnight and weekend windows. The arrangement reportedly keeps the same compliance, credit, risk and control standards that already exist inside conventional payment workflows.

This rollout represents a further advance by banks seeking to embed tokenized deposits inside regulated financial systems and to make payments available outside normal business hours.

SWIFT plans further expansion of the ledger's functionality. The cooperative intends to broaden the ledger's features and reach once the controlled launch phase concludes. SWIFT's interbank messaging network links more than 11,500 banks and financial institutions in over 200 countries and territories.

Seventy-five percent of payments sent across its current network arrive at beneficiary banks inside 10 minutes and frequently within seconds.

SWIFT executive calls launch a key milestone for regulated digital assets. Thierry Chilosi, chief business officer at SWIFT, called the addition to the organization's "resilient global platform" a milestone for regulated digital assets that may support later advances in programmable money and agentic commerce.

"It allows tokenised value to move across borders with the velocity and flexibility modern commerce expects, while maintaining the same high levels of resiliency, security, and compliance global finance requires," he added.

The development follows by one month the announcement from another banking group that includes JPMorgan Chase, Bank of America, Citibank, Barclays, BNY and Wells Fargo. That group revealed plans to introduce a tokenized deposit network during the first half of 2027; The Clearing House will run the network and link legacy payment systems with digital asset rails to enable 24/7 settlement.