SWIFT has unveiled its blockchain-based ledger for initial live use, marking a major step toward integrating tokenized deposits into global cross-border payments.
The financial messaging network said 17 major banks, including HSBC, Citi, BNP Paribas, UBS, ANZ, DBS, and Standard Chartered, will take part in the first pilot phase after nine months of development. The project will test how tokenized bank deposits can support round-the-clock international payments within the existing banking system.
Implemented in 9 months. Global from day one.
Swift’s blockchain-based ledger is ready for use, with ANZ, BNP Paribas, BNY, Citi, DBS, First Abu Dhabi Bank (FAB), FirstRand Bank, HSBC, Itaú Unibanco, Lloyds Bank, Mashreq, MUFG Bank, OCBC, Standard Bank, Standard Chartered, UOB… pic.twitter.com/05nk0AND8t
— Swift (@swiftcommunity) July 9, 2026
The pilot is designed to extend payment services beyond traditional banking hours while maintaining current compliance, risk management, and operational standards.
How will SWIFT’s blockchain ledger improve cross-border payments?
The new ledger will allow participating banks to process tokenized deposit payments 24 hours a day, seven days a week, including weekends and overnight periods when many traditional banking systems are unavailable.
SWIFT said the platform works alongside existing payment infrastructure instead of replacing it, allowing banks to adopt blockchain technology without changing established compliance and settlement processes.
The company added that the ledger will initially operate in a controlled live environment before expanding to more participants and additional features.
SWIFT pushes tokenized finance into mainstream banking
SWIFT said the launch represents another milestone in bringing regulated digital assets into traditional finance.
Chief Business Officer Thierry Chilosi said the blockchain ledger provides the speed and flexibility needed for modern commerce while maintaining the security, resilience, and compliance standards required by global financial institutions.
SWIFT currently connects more than 11,500 banks and financial institutions across over 200 countries and territories. According to the company, about 75% of payments on its network already reach recipient banks within 10 minutes, with many completed in seconds. Earlier this year, Swift, in collaboration with BNP Paribas Securities Services, Intesa Sanpaolo, and Societe Generale – FORGE successfully completed a landmark trial demonstrating the settlement of tokenized bonds across multiple platforms
Banks continue expanding tokenization efforts
The pilot comes as financial institutions increase investments in tokenized financial infrastructure.
Last month, a banking consortium that includes JPMorgan Chase, Bank of America, Citibank, Barclays, BNY, and Wells Fargo announced plans to launch a tokenized deposit network in the first half of 2027. The network will be operated by The Clearing House to support 24/7 settlement between traditional payment systems and digital asset infrastructure.
Earlier this year, the New York Stock Exchange partnered with Securitize to develop blockchain infrastructure for tokenized stocks and exchange-traded funds, while parent company Intercontinental Exchange (ICE) also outlined plans for a tokenized securities platform supporting continuous trading and onchain settlement.
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