Why did Swift launch a blockchain payment ledger?

Swift launched the blockchain ledger to test tokenised bank deposits for cross-border payments. The company said the platform will support 24/7 transactions while maintaining existing banking controls.

What are tokenised bank deposits in the Swift pilot?

Swift said tokenised bank deposits are digital representations of commercial bank deposits used for payments. The pilot will test whether they can improve cross-border transactions while operating within existing regulatory and banking frameworks.

How fast is Swift's current payment network?

Swift said 75% of payments on its existing network already reach the receiving bank within 10 minutes, and many are completed in seconds. The new blockchain ledger is designed to extend those services to 24/7 settlement.

What happens after the Swift blockchain pilot?

Swift said it plans to expand the blockchain ledger after the initial controlled testing phase. The company said the platform could support future services such as programmable money and other digital asset applications.

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Swift launches 17-bank blockchain payment pilot

Q: Which banks are joining the Swift blockchain pilot?

Swift said 17 major banks are taking part in the pilot, including HSBC, Citi, BNP Paribas, UBS, ANZ, DBS and Standard Chartered. The banks will test cross-border payments using tokenised deposits.

Written by Heidi Cuthbert Published Jul 10, 2026, 2:40 AM

Swift launched a blockchain ledger for a 17-bank pilot using tokenised bank deposits.
The pilot aims to enable 24/7 cross-border payments while keeping existing banking controls.
Swift said the platform will expand after the initial testing phase.

Swift launched a blockchain-based ledger that 17 major banks will use to test cross-border payments with tokenised bank deposits.

The pilot includes HSBC, Citi, BNP Paribas, UBS, ANZ, DBS and Standard Chartered, with support for 24/7 payments.

“It allows tokenised value to move across borders with the velocity and flexibility modern commerce expects, while maintaining the same high levels of resiliency, security, and compliance global finance requires,” said Swift Chief Business Officer Thierry Chilosi.

Swift said the ledger supports overnight and weekend payments while keeping the compliance, credit and risk controls used in its current payment network.

The company said it plans to expand the ledger after the initial pilot, while 75% of payments on its existing network already reach beneficiary banks within 10 minutes.

Swift connects more than 11,500 banks and financial institutions across more than 200 countries and territories through its global messaging network.

The launch follows broader banking efforts to expand tokenised deposits and blockchain payments, including projects by major US banks and the New York Stock Exchange.