Standard Chartered completes first Swift ledger transaction

• Standard Chartered and HSBC completed the first live transaction on Swift’s blockchain ledger.
• The transaction connected tokenised deposits from both banks before final settlement through existing systems.
• The banks said the transaction supports work towards 24/7 cross-border payments.

Standard Chartered and HSBC completed the first live cross-border transaction on Swift’s blockchain ledger.

The transaction connected tokenised deposits from both banks through Swift’s ledger before final settlement through existing systems.

The transaction recorded payment obligations on both banks’ tokenised deposit systems, with Swift matching and netting those obligations.

Swift’s blockchain ledger was launched for initial use in July, with 17 banks preparing to test live tokenised deposit transactions.

HSBC’s Tokenised Deposit Service is already live in six markets and supports seven currencies, according to Standard Chartered.

The transaction marks the first interbank transaction on Swift’s ledger as banks test blockchain infrastructure for always-on cross-border payments.