SWIFT unveils 24/7 blockchain payments pilot
6.6 Banking SWIFT launched a blockchain ledger pilot with 17 global banks, enabling 24/7 cross-border payments using tokenized deposits and aiming to modernize international transfers.
SWIFT has introduced a blockchain-based ledger to pilot tokenized bank deposits, partnering with 17 major global banks such as HSBC, Citi, BNP Paribas, UBS, ANZ, DBS, and Standard Chartered. Developed in just nine months, this system enables 24/7 cross-border payments, including overnight and weekend transactions, moving beyond traditional banking settlement windows. The ledger serves as a shared orchestration layer, allowing participating banks to process international transfers with tokenized deposits while maintaining compliance, credit, risk, and control standards. This pilot spans banks across six continents, aiming to modernize and streamline international money transfers. SWIFT’s network already connects over 11,500 financial institutions in more than 200 countries. Following the initial controlled launch, SWIFT plans to expand the ledger’s functionality and availability, paving the way for broader interoperability and future applications like programmable money.
