SWIFT Launches Blockchain Ledger To Pilot Tokenized Deposits With 17 Global Banks

Swift has confirmed that its blockchain-based ledger is ready for initial use, enabling 17 banks across six continents to pilot live cross-border payments settled with tokenized deposits. The shared ledger, built in nine months, provides participating banks with an orchestration layer for bank-issued tokenized deposits held on their own ledgers.

The capability allows tokenized value to move around the clock before final settlement completes through existing systems, while maintaining compliance, credit, risk and control standards. 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.