Swift’s blockchain-based ledger is ready for initial use, with 17 banks from six continents preparing to pilot live transactions using tokenised deposits for 24/7 cross-border payments. The ledger moved from concept to activation in nine months.
The shared ledger gives banks a secure orchestration layer for bank-issued tokenised deposits held on their own ledgers. Banks can move funds for customers overnight and at weekends, then complete final settlement through existing systems, improving client experience and liquidity efficiency without weakening the compliance, credit, risk and control standards built into current payment processing.
The pilot group reads like a roll call of global transaction banking: ANZ, BNP Paribas, BNY, Citi, DBS, First Abu Dhabi Bank, FirstRand, HSBC, Itaú Unibanco, Lloyds Bank, Mashreq, MUFG Bank, OCBC, Standard Chartered, UBS, UOB and Wells Fargo.
“With our new ledger capability, we’re extending the trust and stability of established finance into the frontiers of digital money,” said Thierry Chilosi, Chief Business Officer at Swift. “It allows tokenised value to move across borders with the velocity and flexibility modern commerce expects, while maintaining the same high levels of resiliency, security, and compliance global finance requires.”
Blockchain ledger: What It Means
The ledger sits on infrastructure already moving the equivalent of world GDP every two to three days across more than 200 markets. Some 75% of payments on Swift’s network reach beneficiary banks within 10 minutes, often in seconds. Swift says the ledger also lays a foundation for programmable money and agentic commerce.
For corporates, the promise is payments that match how businesses actually operate. “This is an important milestone in the evolution of cross border payments and a positive step towards making them work the way our clients’ businesses operate today – in real time, across time zones, and without artificial cut-offs,” said Manish Kohli, Head of Global Payments Solutions at HSBC. “By using tokenised deposits on a regulated, bank-issued basis and connecting them through Swift’s trusted global network, we can improve liquidity efficiency, strengthen cash-flow visibility, and deliver a more seamless 24/7 experience for corporates.”
“We are redefining cross-border payments with Swift’s new blockchain-based ledger – combining tokenised deposits with our global network to deliver instant, always-on money movement,” said Mahesh Kini, Global Head of Cash Management at Standard Chartered. “This will position our FI and Corporate clients at the forefront of payments innovation – unlocking real-time visibility, enhanced liquidity control, and the speed needed to stay ahead in managing capital globally.”
“We see interoperability as the key enabler for scaling tokenised deposits beyond individual institutions,” said Andreas Kubli, Group Head of Digital Assets at UBS. “Swift’s ledger is an important industry initiative that can help connect digital money networks, supporting real-time settlement, greater liquidity mobility and the broader adoption of tokenised payments and digital assets across the global financial ecosystem.”
The ledger will expand in functionality and availability after the initial controlled go-live phase.
Related on Digital Trade Outlook
- ANZ Becomes First Australian Bank on Swift’s Ledger With Live BHP Payment
- SWIFT to Develop Blockchain-Based Ledger for Real-Time Cross-Border Payments
- DBS and Citi Complete First Weekend Cross Border USD Payment Using Tokenised Deposits