SWIFT launches blockchain ledger with 17
RWA Signal Insight
InfrastructureSWIFT has officially launched a new blockchain-based ledger designed to facilitate cross-border payments using tokenized bank deposits. Seventeen major global financial institutions, including HSBC, Citi, BNP Paribas, UBS, ANZ, DBS, and Standard Chartered, are participating in the initial pilot phase. This development follows nine months of intensive internal development aimed at enabling 24/7 payment availability, including weekends and overnight transactions. By integrating tokenized deposits into its existing messaging infrastructure, SWIFT seeks to modernize cross-border settlements while maintaining rigorous compliance, credit, and risk management standards. This initiative represents a significant shift in how traditional banking networks adopt distributed ledger technology to enhance the velocity of global commerce. The move aligns with a broader industry trend toward tokenized financial assets, positioning SWIFT as a central player in the evolution of programmable money. Ultimately, this pilot demonstrates that major financial incumbents are prioritizing the integration of blockchain rails to meet the demands of modern, always-on global markets.
Key points
- Seventeen global banks including HSBC and Citi are piloting tokenized deposits on SWIFT's ledger.
- The new blockchain ledger enables 24/7 cross-border payments beyond traditional banking hours.
- SWIFT's network currently connects over 11,500 financial institutions across more than 200 countries.
- The initiative maintains existing compliance and risk standards within a regulated digital asset framework.
Background
SWIFT (Society for Worldwide Interbank Financial Telecommunication) is the primary global messaging network that facilitates secure financial transactions between banks. It acts as the backbone of international finance, providing a standardized system for institutions to communicate payment instructions across borders.