Swift’s Blockchain Ledger Pilot Starts with 17 Global Banks for 24/7 Payments

Highlights:

• Swift’s blockchain ledger pilot puts 17 global banks into live tokenized payment trials.
• Banks can process cross-border tokenized deposits overnight and during weekends.
• Swift will settle final payments through existing systems during the rollout.

The world’s largest financial messaging network, Swift, has moved its blockchain-based ledger into initial use, with 17 banks preparing live cross-border payment pilots. The network said the new system will support tokenized bank deposits and allow round-the-clock payment activity. Banks can now process transfers overnight and on weekends, while final settlement still runs through current infrastructure.

Swift’s Blockchain Ledger Pilot Starts with 17 Global Banks

Swift announced the blockchain ledger pilot on July 9 after nine months of development. The Brussels-based cooperative said the ledger gives banks a shared orchestration layer for tokenized deposits. However, each bank will continue using its own ledger and existing controls.

The first group includes HSBC, Citi, BNP Paribas, UBS, ANZ, DBS, and Standard Chartered. It also includes BNY, MUFG Bank, Wells Fargo, and other lenders. Together, the 17 banks cover six continents, which gives the pilot a broad test base. Therefore, Swift can assess both bank demand and real payment flows across different regions.

The ledger will help banks move funds for customers at any time before final settlement through current systems. Furthermore, the design maintains existing compliance, credit, risk, and control requirements, Swift said. The method aims at faster service to clients and better utilization of liquidity without taking banks out of regulated rails.

Implemented in 9 months. Global from day one.

Swift's blockchain-based ledger is ready for use, with ANZ, BNP Paribas, BNY, Citi, DBS, First Abu Dhabi Bank (FAB), FirstRand Bank, HSBC, Itaú Unibanco, Lloyds Bank, Mashreq, MUFG Bank, OCBC, Standard Bank, Standard Chartered, UOB… pic.twitter.com/05nk0AND8t

— Swift (@swiftcommunity) July 9, 2026

Major Banks Test Tokenised Deposits Across Borders

Tokenized deposits represent bank deposits recorded in digital token form. For banks, they can support faster movement of money while keeping the issuer inside the regulated banking system. Meanwhile, Swift will focus on interoperability rather than issuing money or holding customer funds.

Swift said the ledger marks the first live use case for the system it announced last year. The company also said it will increase functionality and availability after the controlled launch phase. After that, participating banks could test more payment scenarios across tokenized finance.

Thierry Chilosi, Swift’s chief business officer, called the launch a key step for regulated digital assets. He said the ledger lets tokenized value move across borders with the speed modern commerce expects. At the same time, he said it keeps the resilience, security, and compliance that global finance requires.

The new pilot also comes as large banks test tokenized deposits in treasury and payment operations. In October last year, BNY worked on tokenized deposits to support instant client transfers at any time. Those projects show how banks want faster settlement while retaining familiar controls.

Swift Links Digital Money with Existing Payment Rails

The rollout also follows wider improvements across Swift’s existing payment network. Swift said 75% of payments on its network reach beneficiary banks within 10 minutes, often within seconds. Still, the ledger targets payment availability beyond banking hours.

The blockchain ledger pilot fits into Swift’s broader work on tokenized finance and cross-border interoperability. Chainlink partnered with Swift and UBS Tokenize in September last year on tokenized fund workflows. In that pilot, Swift ISO 20022 messages triggered subscriptions and redemptions through Chainlink’s Runtime Environment.

Swift connects over 11,500 banking and securities organizations across over 200 countries and territories. It also serves market infrastructures and corporate customers. However, the cooperative does not move or hold funds for users. Instead, it provides secure messaging, standards, and infrastructure that support financial communication.