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FollowingSWIFT, the world\'s largest financial messaging network, announced that its blockchain-based ledger is ready for initial use after nine months of development.
SWIFT announced on Thursday that 17 major banks, including HSBC, Citibank, BNP Paribas, UBS, ANZ, DBS and Standard Chartered Bank, are preparing to use tokenized bank deposits for cross-border payments on the new ledger. The ledger will enable participating banks to support round-the-clock cross-border payments, including overnight and weekend transactions, while maintaining compliance, credit, risk and control standards embedded in existing payment processing.
This move marks another step forward in banks \'efforts to use tokenized deposits within regulated financial infrastructure and expand payment services beyond traditional bank business hours. SWIFT said it plans to expand the functionality and availability of the ledger after the initial controlled launch phase.
SWIFT\'s interbank messaging network connects more than 11500 banks and financial institutions in more than 200 countries and regions. SWIFT says 75% of payments on its existing network reach the receiving bank within 10 minutes, usually in seconds.
SWIFT\'s chief commercial officer calls this a \"key milestone\" for digital assets
Thierry Chilosi, chief commercial officer at SWIFT, said joining SWIFT\'s \"resilient global platform marks a key milestone for regulated digital assets\" that could lay the foundation for future innovation in areas such as programmable currencies and proxy commerce. He added: \"It allows tokenized value to flow across borders at the speed and flexibility expected by modern businesses, while maintaining the high levels of resilience, security and compliance required by global finance.\"
This development comes a month after major banking alliances including JPMorgan Chase, Bank of America, Citibank, Barclays Bank, Bank of New York Mellon and Wells Fargo announced plans to launch a tokenized deposit network in the first half of 2027. The network will be operated by a clearing house and connect traditional payment tracks with digital asset infrastructure to enable round-the-clock settlement.
On March 24, the New York Stock Exchange partnered with tokenization platform Securitize to build a blockchain-based infrastructure for tokenized stocks and exchange-traded funds. In January this year, Intercontinental Exchange, the parent company of the New York Stock Exchange, announced plans to build a tokenized securities trading platform, which aims to provide round-the-clock trading, instant settlement, stablecoin-based financing and on-chain settlement.
