SWIFT launches blockchain ledger; 17 banks to pilot tokenized deposits

SWIFT launched a blockchain ledger after nine months of development and will pilot tokenized bank deposits with 17 banks, including HSBC, Citi, BNP Paribas, UBS, ANZ, DBS and Standard Chartered. The ledger is designed to let participating banks send tokenized interbank deposits for cross-border payments 24 hours a day, seven days a week while preserving existing compliance, credit, risk and control frameworks.

SWIFT announced the pilot on Thursday and described the initial phase as a controlled go-live, with plans to expand the ledger’s functionality and availability after that stage. The pilot aims to enable banks to process overnight and weekend transactions that are restricted by traditional banking hours.

The ledger will support tokenized bank deposits, digital representations of bank balances that can move between institutions on a blockchain record. SWIFT added that the ledger builds on its global messaging network, which connects more than 11,500 banks and financial institutions across over 200 countries and territories.

About 75% of payments on SWIFT’s existing network reach beneficiary banks within 10 minutes, the company noted. Pilot participants are preparing to test cross-border transfers, settlement and liquidity management using tokenized deposits held on the ledger. Participating banks will be able to apply existing compliance checks and counterparty controls to tokenized flows.

Thierry Chilosi, SWIFT’s chief business officer, described the ledger as “a key milestone for regulated digital assets,” noting it allows tokenised value to move across borders with the velocity and flexibility modern commerce expects while maintaining resiliency, security and compliance. SWIFT said the platform is an addition to its global infrastructure rather than a replacement for current payment rails.

The announcement follows other bank initiatives to build tokenized deposit and securities infrastructure. A group of U.S. banks, including JPMorgan Chase, Bank of America, Citibank, Barclays, BNY Mellon and Wells Fargo, plans to launch a tokenized deposit network in the first half of 2027; The Clearing House will operate that network and link traditional payment rails with digital asset infrastructure for continuous settlement.

Securities market projects include partnerships to build blockchain systems for tokenized stocks and exchange-traded funds and plans for tokenized securities venues designed for 24/7 trading, instant settlement and on-chain settlement.

SWIFT expects to expand access and features after the controlled go-live phase.