Swift launched a blockchain payment pilot with 17 global banks testing tokenized deposits for continuous cross-border transfers through existing infrastructure. The shared ledger preserves co
Swift has begun testing blockchain-based cross-border payments with 17 global banks, marking the payment network’s first live deployment of tokenized deposits. The initiative brings together financial institutions across six continents as Swift expands its strategy for integrating tokenized finance into existing banking infrastructure.
The pilot includes Citi, HSBC, UBS, BNP Paribas, Standard Chartered, Wells Fargo, BNY, DBS, and MUFG Bank, alongside several other international lenders. Swift announced the rollout on Thursday, saying participating banks will test cross-border transfers through its blockchain-based shared ledger.
Rather than replacing current payment systems, the shared ledger coordinates bank-issued tokenized deposits between participating institutions. Consequently, customers can move funds throughout the day, overnight, and during weekends before banks complete final settlement through existing payment rails.
Swift said the model preserves the compliance, credit, risk, and operational standards already embedded within its payment network. Additionally, the approach aims to improve liquidity efficiency while providing a smoother payment experience for customers.
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Swift introduced the blockchain-based shared ledger last year after completing its development within nine months. The organization built the platform with feedback from international financial institutions seeking stronger interoperability between tokenized assets and traditional banking networks.
Moreover, the live pilot marks the first commercial application of the technology. Swift said the shared ledger functions as an orchestration layer that enables financial institutions to coordinate tokenized deposits without altering their existing settlement infrastructure.
The company also said the platform creates opportunities for future use cases, including programmable money and agentic commerce. Besides supporting continuous payments, it allows banks to evaluate tokenized transfers under real operating conditions while maintaining established compliance requirements.
Swift provides secure financial messaging services to more than 11,500 banking organizations, securities firms, market infrastructures, and corporate customers. Its network spans more than 200 countries and territories, making interoperability a major focus as tokenized finance continues to expand.
The latest pilot also builds on Swift’s growing efforts in tokenized finance through industry partnerships. Last September, Chainlink expanded its collaboration with Swift by integrating the payment network’s ISO 20022 messaging infrastructure with the Chainlink Runtime Environment during a live pilot involving UBS Tokenize.
That collaboration enabled tokenized fund subscription and redemption workflows through institutions’ existing systems. Likewise, the new shared ledger extends Swift’s strategy by allowing banks to connect blockchain-based tokenized deposits with familiar banking infrastructure instead of replacing existing payment processes.
The pilot gives participating institutions an opportunity to assess tokenized cross-border payments under real operating conditions. Swift said the initiative also lays the foundation for broader interoperability as digital assets and tokenized banking services continue gaining traction across global financial markets.
Swift’s latest pilot represents an important step in testing tokenized deposits within existing banking infrastructure rather than creating an entirely new payment network. The results could help shape how financial institutions adopt blockchain technology while maintaining the standards and systems already supporting global cross-border payments.
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