SWIFT has launched a new blockchain ledger designed to support a tokenized bank deposit pilot involving 17 major banks. Multiple outlets report that the platform is intended to enable faster cross-border payments and to support 24/7 operation compared with traditional banking settlement timelines. The pilot is set up for banks to prepare live transactions using tokenized deposits on SWIFT’s ledger capability.
The banks named across reports include HSBC, UBS, Wells Fargo, Citi, BNY Mellon, and Standard Chartered, among others. The announcements emphasize that the ledger is focused on cross-border payments messaging and settlement workflows using tokenized deposits rather than replacing established financial infrastructure. According to the coverage, the initiative is positioned as a practical trial in which participating banks move from preparation to live pilot activity on the new ledger.
Overall, sources agree that SWIFT’s rollout marks the start of a pilot phase, with 17 institutions preparing to conduct live tests of tokenized deposit-based cross-border payments through SWIFT’s blockchain ledger.
