SWIFT Launches Blockchain Ledger, Starts Tokenized Deposit Pilot with Global Banks
SWIFT has introduced a blockchain-based shared ledger and is preparing live pilots with major international banks to move tokenized deposits across borders around the clock.
Oliver Bennett
Editor-in-Chief · London
The global financial messaging network SWIFT has unveiled a blockchain-based shared ledger and is gearing up to run live trials with 17 major banks, a step that could reshape how money moves across the Africa–Europe corridor and other cross-border routes. According to BitKE, the pilot represents one of the banking sector's most significant pushes toward tokenized cross-border payments.
What the pilot involves
The trial will let participating institutions transfer tokenized bank deposits internationally on a 24-hour basis, including nights and weekends, while still relying on existing banking infrastructure to complete transactions. BitKE reported that the participating banks include HSBC, Citi, BNP Paribas, UBS, Standard Chartered, DBS, ANZ, BNY and Wells Fargo, among others.
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