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ETH 
XRP Swift: Global Financial Gateway tests blockchain ledgers, 17 banks participate in tokenized deposit pilot
Swift, a financial gateway institution that connects thousands of banks around the world, announced on Thursday that more than a dozen institutions are preparing to use its \"blockchain-based ledgers.\" The member-owned cooperative has served as a pillar of the traditional financial system for decades. According to its announcement, 17 banks from six continents are expected to participate in a pilot project involving the exchange of tokens that represent deposits.
To highlight the potential impact of the pilot, participating institutions include a number of institutions designated by the Financial Stability Board as global systemically important banks, such as BNP Paribas, Bank of New York Mellon, Citibank, HSBC, Standard Chartered Bank, UBS and Wells Fargo.
Although final fiat settlement still relies on traditional systems during trading hours, Swift points out that its blockchain-based ledger allows banks to transfer tokenized deposits \"at night and on weekends,\" a feature inherent to networks in all cryptocurrency spaces.
Swift added: \"Banks can improve customer experience and increase global liquidity efficiency without sacrificing compliance, credit, risk and control standards embedded in existing payment processing.\"
This announcement reflects how traditional financial intermediaries can adopt blockchain in a way that suits their existing businesses, while embracing the efficiency advantages Wall Street executives have emphasized for years.
Mahesh Kini, global head of cash management at Standard Chartered Bank, said: \"We are redefining cross-border payments with Swift\'s new blockchain ledger-combining tokenized deposits with our global network to enable instant, round-the-clock flow of funds.\"
In a blog post in March, Swift stated that its network architecture is compatible with the Ethereum Virtual Machine (EVM), an underlying software environment in the cryptocurrency space that does not require a permission-free network. Still, Swift\'s network remains largely centralized. It runs a shared trading environment, while banks retain control of their own assets.
Networks such as XRP Ledger (XRPL) were originally designed as a cheaper and faster alternative to the Swift technology stack, especially for its slow settlement speed. Recently, Canton Network has gained momentum among financial institutions by striking a balance between compliance and privacy.
Traditional financial giants such as JPMorgan Chase have been experimenting with blockchain technology for years and will rename their flagship solutions and tokenization division from Onyx to Kinexys in 2024. Swift pointed out in an announcement Thursday that its product was developed in nine months.
