Key facts
- SWIFT is testing a blockchain-based digital ledger for 24/7 cross-border payments.
- Seventeen banks are participating in the pilot program.
- The ledger enables tokenized deposits to move between banks before final settlement.
- The initiative aims to speed up transactions and lower fees.
- Thierry Chilosi, Chief Business Officer at Swift, stated the ledger extends trust and stability into digital money.
- Lisa Vasic, Managing Director Transaction Banking at ANZ, sees potential for real-time fund movement and flexible liquidity management.
The SWIFT international payments network has begun trials of a blockchain digital ledger designed to facilitate 24/7 cross-border payments using tokenized deposits. Seventeen banks from six continents are participating in the pilot, aiming to accelerate transactions and reduce costs.
Announced on July 9, 2026, the ledger provides a secure orchestration layer for bank-issued tokenized deposits, allowing funds to move across borders even during non-business hours before final settlement through existing systems. This approach aims to enhance client experience and global liquidity efficiency while maintaining compliance standards.
SWIFT stated that the ledger, developed with feedback from financial institutions, builds upon existing infrastructure where 75% of payments currently reach beneficiary banks within 10 minutes. The initiative is seen as a crucial step for SWIFT to maintain its role as a coordinator among banks amidst the rise of digital assets.
Participating banks in the pilot include ANZ, BNP Paribas, BNY Mellon, Citi, DBS, First Abu Dhabi Bank, FirstRand Bank Limited, HSBC, Itaú Unibanco, Lloyds Bank, Mashreq, MUFG Bank, OCBC, Standard Chartered, UBS, UOB, and Wells Fargo.