Key facts
- SWIFT has launched a new blockchain-based ledger.
- A pilot program involving 17 major banks will test tokenized bank deposits.
- The new ledger aims to facilitate 24/7 cross-border payments.
- Participating banks include HSBC, Citi, BNP Paribas, UBS, ANZ, DBS, and Standard Chartered.
- The initiative seeks to extend payment availability beyond traditional banking hours while maintaining compliance.
SWIFT, the world's largest financial messaging network, has launched a new blockchain-based ledger designed to facilitate a pilot program for tokenized bank deposits. This initiative involves 17 major banks, including HSBC, Citi, BNP Paribas, UBS, ANZ, DBS, and Standard Chartered, aiming to enable faster, 24/7 cross-border payments. The new ledger is intended to support transactions around the clock, including during weekends and overnight, while adhering to existing compliance, credit, and risk management standards.
This development represents a significant step for regulated digital assets, potentially paving the way for innovations in areas like programmable money and agentic commerce, according to SWIFT's Chief Business Officer, Thierry Chilosi. The platform is built to allow tokenized value to move across borders with enhanced velocity and flexibility, meeting the demands of modern commerce while upholding the security and compliance required by global finance.
The launch follows similar efforts in the financial industry, such as a planned tokenized deposit network by a consortium of banks including JPMorgan Chase, Bank of America, and Wells Fargo, set to launch in the first half of 2027. Additionally, the New York Stock Exchange has partnered with Securitize to develop blockchain infrastructure for tokenized stocks and ETFs, and its parent company, Intercontinental Exchange, is planning a 24/7 trading venue for tokenized securities.