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FollowingSWIFT\'s blockchain-based infrastructure is launched, with 17 large banks participating in the pilot
SWIFT, the global financial messaging network, announced that after nine months of development, it has officially launched a new blockchain-based ledger technology. This new system aims to use tokenized bank deposits to achieve cross-border payments and promote the modernization and efficiency of international remittances.
17 large banks are the first to enter the first phase
SWIFT revealed that 17 large banks, including HSBC, Citibank, BNP Paribas, UBS, ANZ, DBS and Standard Chartered Bank, are preparing to pilot payments on the new ledger infrastructure. The pilot will allow these banks to use tokenized deposits to process international transfers at any time of the day, breaking the limits of traditional banking hours.
Currently, SWIFT operates an interbank messaging network connecting more than 11500 banks and financial institutions in more than 200 countries and regions around the world. The organization emphasized that 75% of payments on its existing network reach the receiving bank within 10 minutes, often in just a few seconds. Thierry Chilosi emphasized that the move marks an important milestone for regulated digital assets, and that tokenized value can now be transferred globally with the speed and flexibility required by modern commerce.
Achieve night and weekend trading
The new ledger will allow participating banks to provide cross-border payments at night and on weekends-times when international transactions have traditionally not been possible. SWIFT said that while expanding availability, all compliance, credit, risk and control standards embedded in existing payment processes will remain unchanged. The move is the latest attempt by banks to accelerate the adoption of tokenized deposits within regulated financial infrastructure, with the main goal of establishing a payment process that goes beyond standard business hours and enables smoother and more convenient global transfers.
A new wave of digital assets
Thierry Chilosi, chief commercial officer at SWIFT, said the new components have been integrated into SWIFT\'s resilient global platform. He pointed out that as the financial industry continues to develop, this lays the foundation for future innovations such as programmable currencies and autonomous transactions. Brief vocabulary: Tokenized deposits are digital representations of traditional bank deposits recorded on the blockchain. The model aims to connect funds in the banking system directly to digital asset infrastructure.
After a limited initial roll-out, SWIFT plans to expand the ledger\'s capabilities and provide access to more institutions. This phased approach suggests that the network will undergo limited pilot testing before wider deployment to ensure reliability and compliance.
The launch of SWIFT coincides with similar initiatives by other large banks. For example, a consortium including JPMorgan Chase, Bank of America, Citibank, Barclays Bank, Bank of New York Mellon and Wells Fargo has announced plans to launch a tokenized deposit network in the first half of 2027. The initiative aims to combine traditional payment tracks with digital asset frameworks to achieve round-the-clock settlement.
Meanwhile, in March this year, the New York Stock Exchange partnered with tokenization platform Securitize to develop blockchain-based infrastructure for equity and exchange-traded open-end index funds. As early as January, Intercontinental Exchange, the parent company of the New York Stock Exchange, announced plans to launch a tokenized securities platform focusing on 24-hour trading, instant settlement, stablecoin-based funding and on-chain clearing.
