SWIFT has moved its blockchain ledger out of the lab and into an initial controlled rollout, enlisting 17 global banks to begin live tests of tokenized deposit payments for 24/7 cross‑border settlement.
Announced July 9, the pilot includes major players such as HSBC, Citi, BNP Paribas, UBS, ANZ, DBS and Standard Chartered. After about nine months of development and internal testing, SWIFT says the tokenized-deposit ledger will let participating banks process cross-border payments at any hour — weekends and overnight — while keeping the compliance, credit, risk and control frameworks used in today’s payment systems.
How it works (high level): the ledger is built around tokenized bank deposits — on‑chain representations of bank liabilities that can be moved and settled in token form. SWIFT emphasizes this approach preserves regulatory and operational safeguards even as value moves more like digital assets.
Why it matters
- Practical 24/7 settlement: banks exploring around-the-clock clearing and settlement could reduce frictions and delays intrinsic to legacy banking hours.
- Regulated on‑ramp for digital assets: Thierry Chilosi, SWIFT’s chief business officer, called the launch “an important step for regulated digital assets,” noting the ledger could enable future use cases such as programmable money and agentic commerce while maintaining resilience, security and compliance.
- Real-world scale: SWIFT already connects over 11,500 banks and financial institutions across 200+ countries and territories, and reports that 75% of payments on its current network reach beneficiary banks within 10 minutes — many in seconds.
A broader industry move toward tokenized rails
The deployment follows months of blockchain work inside SWIFT. In September 2025 the company revealed plans to build a blockchain ledger with several major banks — including Bank of America, Citigroup and NatWest — to support tokenized products such as stablecoins and speed up cross-border payments via smart contracts. Reports that same month said SWIFT had been testing migration of parts of its messaging infrastructure onto ConsenSys’ Linea (an Ethereum layer‑2 network) with a consortium including BNY Mellon and BNP Paribas.
SWIFT’s controlled rollout also arrives amid other bank-led tokenization initiatives. Last month a consortium led by JPMorgan Chase, Bank of America, Citibank, Barclays, BNY and Wells Fargo announced plans for a tokenized deposit network expected in H1 2027, with The Clearing House connecting traditional rails to digital-asset systems for continuous settlement.
Tokenization is spreading beyond payments: in March the New York Stock Exchange partnered with Securitize to build blockchain infrastructure for tokenized stocks and ETFs, and Intercontinental Exchange has outlined plans for a tokenized securities venue offering 24/7 trading, instant settlement, stablecoin funding and on‑chain settlement.
What to watch next
SWIFT says the initial rollout is controlled and limited; it plans to expand both functionality and availability after the pilot phase. Observers will be watching interoperability with other tokenized deposit initiatives, regulatory responses, and whether banks use this infrastructure for new on‑chain services like programmable payments or automated settlement workflows.
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