Global financial messaging network SWIFT has announced the launch of its new blockchain-based ledger technology, following nine months of development. This new system is designed to enable cross-border payments using tokenized bank deposits, aiming to modernize and streamline international money transfers.
Seventeen major banks set for first phase
SWIFT has revealed that 17 major banks—including HSBC, Citi, BNP Paribas, UBS, ANZ, DBS, and Standard Chartered—are preparing to pilot payments on the new ledger infrastructure. This pilot will allow these banks to process international transfers using tokenized deposits at any hour of the day, breaking the conventional boundaries of banking hours.
Currently, SWIFT operates an interbank messaging network connecting more than 11,500 banks and financial institutions across 200 countries and territories worldwide. The organization highlights that 75 percent of payments on its existing network are delivered to the recipient bank within 10 minutes, often within a matter of seconds.
Thierry Chilosi emphasized that this move marks a major milestone for regulated digital assets, asserting that tokenized value can now be transferred globally with the speed and flexibility demanded by modern commerce.
Enabling weekend and nighttime transactions
The new ledger will let participating banks offer cross-border payments at night and during weekends—times traditionally unavailable for international transactions. SWIFT maintains that, while expanding availability, all compliance, credit, risk, and control standards embedded in existing payment processes will remain in place.
This step represents the latest effort by banks to accelerate the adoption of tokenized deposits within regulated financial infrastructure. The primary goal is to establish a payment flow that extends beyond standard business hours, enabling more seamless and accessible transfers worldwide.
A new wave for digital assets
Thierry Chilosi, Chief Commercial Officer at SWIFT, stated that the new component has been integrated into SWIFT’s resilient global platform. He noted that this lays the foundation for future innovations such as programmable money and autonomous trading, as the financial sector continues to evolve.
Mini glossary: Tokenized deposits are digital representations of traditional bank deposits recorded on a blockchain. This model seeks to connect funds held in the banking system directly with digital asset infrastructure.
Following this controlled initial rollout, SWIFT plans to expand the ledger’s functions and its access to more institutions. This phased approach demonstrates that the network will be pilot-tested on a limited scale before wider deployment, ensuring reliability and regulatory compliance.
SWIFT’s announcement coincides with similar efforts by other major banks. For example, a consortium including JPMorgan Chase, Bank of America, Citibank, Barclays, BNY, and Wells Fargo has declared plans to launch a tokenized deposit network in the first half of 2027. This initiative seeks to merge traditional payment rails with digital asset frameworks to achieve round-the-clock settlements.
Meanwhile, in March, the New York Stock Exchange partnered with the tokenization platform Securitize to develop blockchain-based infrastructure for stocks and exchange-traded funds. Back in January, NYSE’s parent, Intercontinental Exchange, announced its plans for a tokenized securities platform focused on 24-hour trading, instant settlement, stablecoin-based funding, and on-chain clearing.
