SWIFT moved its blockchain ledger for cross-border payments using tokenized deposits into the pilot testing phase. The solution will be tested by 17 international banks.
The global financial messaging network SWIFT announced it completed development of its proprietary blockchain ledger and moved the project into practical testing. The solution will be evaluated through live cross-border transfers using tokenized deposits.
The new infrastructure serves as a coordination layer between banks’ internal ledgers, enabling customers’ tokenized deposits to move 24/7/365. Final settlement will still take place through existing payment systems, allowing banks to retain their current risk management, control, and regulatory compliance frameworks.
Development of the blockchain ledger took nine months. SWIFT launched the project in September 2025 with the participation of more than 30 of the world’s largest banks from 16 countries.
Seventeen banks will take part in the pilot testing, among them:
- BNP Paribas;
- HSBC;
- Citi;
- UBS;
- Wells Fargo;
- Standard Chartered;
- DBS;
- MUFG Bank;
- Lloyds Bank;
- BNY;
- ANZ;
- OCBC;
- UOB;
- FirstRand Bank;
- Mashreq;
- First Abu Dhabi Bank;
- Itaú Unibanco.
Thierry Chilosi, Chief Business Officer at SWIFT, said the new ledger combines the advantages of digital assets with the reliability of today’s financial infrastructure. He said the technology enables round-the-clock cross-border transactions using tokenized deposits while maintaining existing standards for security, resilience, and regulatory compliance. In his view, the infrastructure could also provide a foundation for future applications such as programmable money and automated payment services.
Banks participating in the pilot also highlighted the project’s practical value. HSBC said the new ledger could make international payments effectively continuous. Manish Kohli, Head of Global Payments Solutions at HSBC, said tokenized deposits would enable payments regardless of time zones or banking hours while improving liquidity management and giving corporate clients greater visibility into cash flows.
UBS said broader adoption of tokenized deposits will depend on the ability of different platforms to work together. Andreas Kubli, Group Head of Digital Assets at UBS, said SWIFT’s ledger could become a connecting layer between existing digital payment infrastructures, enabling real-time settlement and more efficient liquidity management.
According to SWIFT, 75% of payments on its network now reach the beneficiary bank in less than 10 minutes, and many are completed within seconds. The company expects the new infrastructure to complement its existing network and establish a foundation for broader use of regulated digital assets in cross-border payments.
The blockchain ledger is part of SWIFT’s broader initiative to modernize traditional payment rails and develop standards for digital assets. The company is also exploring central bank digital currencies (CBDCs) and developing technical solutions for cross-border payments using digital currencies.
