Key facts
- IBM has added beta connectivity to Swift’s blockchain-based ledger for tokenized deposits.
- IBM also offers a beta option for banks to run its digital asset platform in their own data centers.
- IBM's Digital Asset Haven platform now includes a messaging adapter for tokenized deposit transactions using ISO 20022.
- Swift developed its blockchain ledger with over 40 financial institutions and launched it in July with 17 banks in its initial pilot group.
- HSBC and Standard Chartered completed the first live cross-border transaction on the ledger in August.
IBM has introduced a beta connection to Swift's blockchain-based ledger, enabling financial institutions to manage tokenized deposits. The company also launched a beta option for banks to run IBM's Digital Asset Haven platform on their own data centers, avoiding reliance on public cloud services. This move allows banks to process tokenized deposit transactions using the ISO 20022 standard, integrating with existing payment formats and compliance processes rather than developing blockchain-specific workflows.
Swift developed its blockchain ledger in collaboration with over 40 financial institutions. The program launched in July with an initial pilot group of 17 banks, including HSBC, Citi, BNP Paribas, UBS, and Standard Chartered. In August, HSBC and Standard Chartered successfully completed the first live cross-border transaction on the ledger.
Tom McPherson, general manager of IBM Z and LinuxONE, stated that the financial services industry is entering a new phase where tokenized and traditional assets will coexist and need to move together.