Key facts
- SWIFT has launched a blockchain-based shared 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 ANZ, BNP Paribas, BNY, Citi, DBS, First Abu Dhabi Bank, FirstRand Bank, HSBC, Itaú Unibanco, Lloyds Bank, Mashreq, MUFG Bank, OCBC, Standard Chartered, UBS, UOB, and Wells Fargo.
- The initiative seeks to improve liquidity and transparency of cash flows.
SWIFT, the global financial messaging network, has launched its own blockchain-based shared ledger, moving into operational use with a pilot project involving 17 major banks. This initiative aims to enable faster, 24/7 cross-border payments by combining distributed ledger technology with SWIFT's existing secure messaging network, which covers over 200 markets. The participating banks, including ANZ, BNP Paribas, BNY, Citi, DBS, First Abu Dhabi Bank, FirstRand Bank, HSBC, Itaú Unibanco, Lloyds Bank, Mashreq, MUFG Bank, OCBC, Standard Chartered, UBS, UOB, and Wells Fargo, are testing tokenized cross-border payments.
The project seeks to improve liquidity, enhance transparency of cash flows, and enable seamless token recognition. Carl Slabicki, head of commercial, global payments & trade at BNY, stated that the work is an important step in understanding how these capabilities may evolve to complement existing infrastructure and meet client needs. The ledger allows tokenized deposits to settle between participating banks on a shared network operating 24/7, addressing the complexities of traditional correspondent banking.
SWIFT has indicated future plans for the platform to support programmable money and agentic commerce, where payments are automated when conditions are met. This move signifies a concrete step towards broader blockchain adoption in the financial sector, integrating the technology into settlement infrastructure by major institutions.