Collaborate on Blockchain to Enable 24/7 Cross-Border Payments

Last updated on March 9th, 2026 at 03:52 am

At Sibos 2025, Swift and HSBC announced a major initiative to integrate a blockchain-based shared ledger into global payments infrastructure, aiming to make cross-border transactions instant and always-on.

The move reflects growing momentum in the financial industry to embrace tokenisation and digital finance at scale.

The industry is accelerating toward digital finance at scale – but why now?
Manish Kohli, Global Head of Payments at @HSBC, gives his perspective on why the market is ready to move forward.
To build on this momentum, we’re working with 40+ financial institutions to add a… pic.twitter.com/wrBKY4dL8a
— Swift (@swiftcommunity) February 13, 2026

Solving fragmentation with blockchain

Blockchain adoption has accelerated, but the payments landscape remains fragmented, with multiple networks and settlement systems creating friction. Swift’s new ledger is designed to support interoperability across these ecosystems, connecting its network of 11,500 institutions worldwide. More than 40 financial institutions are already collaborating on the project to test and refine the infrastructure, setting the stage for seamless 24/7 cross-border payments.

HSBC has played a central role in rolling out tokenised deposits across markets, including Hong Kong, Singapore, Luxembourg, and the UK. These digital deposits provide real-time liquidity access and improved treasury management while remaining anchored in fiat infrastructure. By combining blockchain capabilities with regulatory-compliant processes, the initiative ensures that tokenised deposits can operate across different banks and networks without the silos that typically slow adoption.

Building a global payment infrastructure

The first phase of the project will focus on developing a prototype for real-time, cross-border transactions. Governance and compliance frameworks will be established in consultation with central banks and partner institutions, ensuring the system meets global regulatory standards.

Thierry Chilosi, Chief Business Officer at Swift, emphasized that the initiative is intended to accelerate the broader industry shift toward digital finance. At the same time, Manish Kohli, HSBC’s Global Head of Payments, highlighted market readiness and customer demand as key drivers for adoption.

With this collaboration, Swift and HSBC aim to deliver a bank-grade, interoperable payment infrastructure that operates 24/7, reshaping how financial institutions manage liquidity, execute settlements, and engage in tokenised transactions globally.

Meanwhile, Swift, in collaboration with BNP Paribas Securities Services, Intesa Sanpaolo, and Société Générale – FORGE, has completed a landmark trial demonstrating the settlement of tokenized bonds across multiple platforms.

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