A group of 17 banks from six continents is preparing to test the Swift blockchain ledger, moving tokenized deposits closer to real use cases.
International wire transfer organization Swift says its “blockchain-based ledger” is ready for initial use, with 17 banks preparing to pilot live cross-border transactions using tokenized deposits.
The Brussels-based financial messaging cooperative said in a blog post on Thursday, July 9, that banks from six continents will test the ledger for payments outside normal banking hours, which means participating banks can move funds for customers around the clock, including overnight and on weekends.
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Swift claims the product is meant to improve liquidity and customer experience without removing the compliance and control standards banks already use in payment processing.
The pilot group includes some of the world’s biggest banks, led by France’s BNP Paribas, Japan’s MUFG Bank and UK-based HSBC, among others.
Swift’s Blockchain Adopts Tokenized Deposits
Swift’s ledger is built on the idea of tokenized deposits issued by regulated banks only. As Thierry Chilosi, chief business officer at Swift, explained, the ledger extends “the trust and stability” of established finance. Chilosi added:
“It allows tokenised value to move across borders with the velocity and flexibility modern commerce expects, while maintaining the same high levels of resiliency, security, and compliance global finance requires.”
Swift says the ledger was built with input from financial institutions in nine months, with the first use case laying the groundwork for broader features such as programmable money and agentic commerce.
It also claims the new system builds on upgrades to its existing network, where 75% of payments already reach beneficiary banks within 10 minutes.
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