Swift has activated its blockchain-based ledger, enabling 17 banks across six continents to pilot live cross-border payments using tokenised deposits. The system supports 24/7 payment availability and improved liquidity efficiency, marking a shift from concept to operational infrastructure for regulated digital assets. The ledger allows participating banks to move funds before final settlement through existing systems while maintaining compliance and risk standards. This represents a significant step in scaling digital value across the global financial system, with the infrastructure already trusted to process the equivalent of world GDP every two to three days.
Swift’s Blockchain Ledger Ready for Live Pilots with 17 Banks
Swift’s blockchain ledger is now operational for initial use, with 17 banks preparing to conduct live transactions involving tokenised deposits for cross-border payments. The participating institutions span six continents and include major global banks such as ANZ, BNP Paribas, HSBC, Citi, and DBS. The ledger provides a secure orchestration layer for bank-issued tokenised deposits, enabling funds movement overnight and during weekends before completing final settlement through existing systems. Swift designed and built the ledger in nine months following feedback from international financial institutions, representing the first use case for this technology. The early adopters will test the system’s ability to deliver faster, more flexible money movement while preserving the high levels of resiliency, security, and compliance required by global finance.
Building on Swift’s Trusted Network for Tokenized Payments
The ledger integrates with Swift’s established global messaging network, which connects over 11,500 financial institutions across more than 200 markets. This infrastructure already facilitates the equivalent of world GDP every two to three days, providing a foundation for tokenised payment capabilities. Participating banks benefit from improved client experience and global liquidity efficiency without compromising existing compliance, credit, risk, and control standards. The system supports 24/7 payment availability, addressing traditional cut-off times that limit cross-border transactions. A full 75 percent of payments on the network already reach beneficiary banks within 10 minutes, often in seconds, and the cooperative is advancing toward G20 targets for international transactions. The ledger will expand in functionality and availability after the initial controlled go-live phase.
Banks Signal Commitment to Digital Asset Infrastructure
Early adopter banks emphasize the strategic importance of integrating tokenised deposits with Swift’s trusted infrastructure. Thierry Chilosi, Chief Business Officer at Swift, highlighted that the ledger extends established finance into digital money frontiers while maintaining high resiliency and security standards. Lisa Vasic of ANZ noted the initiative advances real-time, always-on cross-border payment capabilities, combining Swift’s network with new infrastructure. Pierre Fersztand from BNP Paribas emphasized the milestone in evolving cross-border payments and delivering measurable value to corporate clients. HSBC’s Manish Kohli stated the bank is connecting its Tokenised Deposit Service to Swift’s ledger, building on existing 24/7 compliant capabilities. These statements reflect broader industry movement toward industrializing digital finance at scale while maintaining regulatory adherence.
Key Takeaways
- 17 banks from six continents are piloting live transactions using Swift’s blockchain-based ledger for tokenised cross-border payments.
- The ledger was designed and built in nine months and enables 24/7 payment availability while maintaining compliance and risk standards.
- 75 percent of payments on Swift’s network already reach beneficiaries within 10 minutes, supporting the infrastructure’s scalability for tokenised transactions.
FinanceInsyte's Take
Swift’s activation of its blockchain ledger signals a maturation of regulated digital asset infrastructure, moving from theoretical exploration to practical implementation. The rapid nine-month development cycle and strong bank participation suggest growing institutional confidence in tokenised deposits as a viable complement to traditional payment rails. However, the controlled rollout indicates cautious progression, with banks carefully evaluating integration with existing compliance and risk frameworks. This positions Swift as a critical intermediary in the digital asset ecosystem, leveraging its trusted network to bridge innovation with regulatory requirements. For financial institutions, the ledger represents both an opportunity to enhance liquidity efficiency and a potential pathway to programmable money and agentic commerce. The success of these pilots may influence broader adoption patterns, particularly among institutions seeking to balance innovation with operational stability.
Source: Businesswire
