SWIFT confirmed its blockchain-based shared ledger is ready for initial use, with 17 major banks set to pilot live cross-border payments using tokenized deposits. Built on Hyperledger Besu over nine months, the network includes HSBC, Citi, UBS, BNP Paribas, DBS, ANZ, and Standard Chartered among participating institutions. The ledger addresses settlement delays during nights, weekends, and across time zones by enabling 24/7 payment coordination while final settlement remains on existing RTGS systems and SWIFT's messaging network. The pilot moves beyond closed sandbox testing into real banking operations, using bank-issued tokenized deposits backed one-to-one by commercial bank deposits rather than stablecoins or public crypto assets. The approach maintains existing compliance, credit, and risk standards while adding blockchain-based coordination to current payment infrastructure.
SWIFT Ledger Coordinates Tokenized Deposits Above Existing Payment Rails
The shared ledger sits above existing payment rails instead of replacing them. When a participating bank starts a transaction, the platform coordinates funding commitments across counterparties and gives every institution the same real-time view of payment status. Final settlement still runs through RTGS systems and SWIFT's existing messaging network. The blockchain improves how banks move and coordinate funds, while the underlying money and compliance framework remain unchanged.
Banks Issue Tokenized Deposits Backed One-to-One by Commercial Deposits
The pilot uses bank-issued tokenized deposits rather than stablecoins or public crypto assets. Each token is backed one-to-one by commercial bank deposits, giving it the same regulated status as money held in a traditional bank account. The tokenized deposits maintain the compliance, credit, risk, and control standards already used in today's payment systems.
Blockchain Removes Business Hours Constraint for 24/7 Settlement
SWIFT already processes 75% of payments to beneficiary banks within 10 minutes on existing rails, often in seconds. The ledger's specific contribution is removing the remaining constraint: the dependency on overlapping business hours between sender and receiver. The result is 24/7 settlement availability, including overnight and weekend flows that current infrastructure cannot support, regardless of how fast the underlying messaging moves.
SWIFT Maintains Existing Compliance and Regulatory Framework
The shared ledger keeps the compliance, credit, risk, and control standards already used in today's payment systems. Instead of creating a separate settlement network, it works within the existing regulatory framework. Thierry Chilosi, SWIFT's Chief Business Officer, said the platform lets tokenized value move across borders with the speed modern commerce demands while maintaining the resilience, security, and compliance expected by global financial institutions.
17 Banks from Six Continents Join SWIFT Blockchain Pilot
The pilot brings together 17 banks from six continents, including ANZ, BNP Paribas, BNY Mellon, Citi, DBS, First Abu Dhabi Bank, FirstRand Bank, HSBC, Itaú Unibanco, Lloyds Bank, Mashreq, MUFG Bank, OCBC, Standard Chartered, UBS, UOB, and Wells Fargo. These institutions play a central role in cross-border payments across the dollar, euro, and major Asian currency corridors. Their participation gives the project a broader international footprint from the outset.
Competing Tokenized Payment Networks Target 2027 Launch
A separate consortium including JPMorgan Chase, Bank of America, Barclays, and BNY Mellon announced a US-focused tokenized deposit network via The Clearing House, targeting a first-half 2027 launch. NYSE parent Intercontinental Exchange has outlined a 24/7 settlement venue for tokenized securities with stablecoin-based funding, while NYSE itself partnered with Securitize in March to build blockchain infrastructure for tokenized stocks and ETFs.
SWIFT Network Connects 11,500 Institutions Across 200 Countries
SWIFT's existing network connects more than 11,500 financial institutions across over 200 countries, giving the shared ledger a potential user base that few blockchain payment networks can match. The project is designed to work within existing banking rules. If the pilot succeeds across 17 major banks and multiple currency corridors, it could make it easier for other institutions to join.
SWIFT Plans Future Upgrades for FX and Securities Settlement
SWIFT has outlined the next phase. Future upgrades are expected to support foreign exchange payment versus payment, programmable corporate payments, and cash movements tied to securities transactions. The current rollout is an early milestone.
FAQ
What did SWIFT announce about its blockchain ledger?
SWIFT confirmed its blockchain-based shared ledger is ready for initial use, with 17 major banks set to pilot live cross-border payments using tokenized deposits. The ledger was built on Hyperledger Besu over nine months and moves beyond closed sandbox testing into real banking operations.
How does SWIFT's blockchain ledger work with existing payment systems?
The shared ledger sits above existing payment rails and coordinates funding commitments across counterparties while final settlement still runs through RTGS systems and SWIFT's existing messaging network. The blockchain improves how banks move and coordinate funds, while the underlying money and compliance framework remain unchanged.
Which banks are participating in the SWIFT blockchain pilot?
The pilot includes 17 banks from six continents: ANZ, BNP Paribas, BNY Mellon, Citi, DBS, First Abu Dhabi Bank, FirstRand Bank, HSBC, Itaú Unibanco, Lloyds Bank, Mashreq, MUFG Bank, OCBC, Standard Chartered, UBS, UOB, and Wells Fargo.
