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FollowingSWIFT launches blockchain ledger for global payments
The International Financial Communications Network SWIFT officially released a ledger system based on blockchain technology, which aims to simplify global payment processes by tokenizing bank deposits. After nine months of research and development, this innovation is expected to improve the efficiency of cross-border transactions and reshape the international business landscape.
What are the key players?
Seventeen top banks, including HSBC, Citibank and BNP Paribas, will be the first to test this breakthrough infrastructure of SWIFT. The pilot project aims to completely change the way financial transfers are made by realizing the free cross-border flow of tokenized deposits and getting rid of the limitations of traditional bank operating hours.
SWIFT\'s existing network has connected more than 11500 institutions around the world, and three-quarters of transactions can now be completed in ten seconds. However, the new system is designed to further increase speed and flexibility to meet modern business needs.
Thierry Chilosi, Chief Commercial Officer of SWIFT, emphasized that the move marks an important milestone in the development of regulated digital assets and shows that tokenized value can now be transferred globally with the speed and flexibility required by modern business.
What challenges does it solve?
By providing round-the-clock payment capabilities, SWIFT\'s blockchain ledgers eliminate the limitations imposed by traditional bank business hours. This innovation allows international transfers to be made on weekends and at night, while maintaining strict compliance and risk standards.
Banks are accelerating their embrace of tokenized deposits, moving beyond traditional operating hours and expanding the scope of services to cater to an increasingly connected global customer base.
How will this shape the future?
Thierry Chilosi, chief commercial officer of SWIFT, pointed out that integrating this component into the SWIFT security platform lays the foundation for future developments such as programmable currencies and autonomous financial transactions.
SWIFT\'s pilot projects are limited in size to ensure stability and compliance. Post-pilot expansion plans may include more institutions. Other banks such as JPMorgan Chase are also planning to launch similar blockchain initiatives in 2027.
With the increasing popularity of blockchain technology, the financial industry is undergoing profound changes. The New York Stock Exchange\'s collaboration on developing blockchain-based stock and fund infrastructure, and the Intercontinental Exchange\'s plan to build a tokenized securities platform, signal a significant shift in the market towards instant settlement and round-the-clock trading. Together, these measures highlight the market\'s trend of integrating digital assets with the existing financial system.
