Banking Revolution: SWIFT Debuts Blockchain Ledger with 17-Bank Tokenized Deposit Pilot
SWIFT has officially entered the blockchain era with the launch of its new distributed ledger, designed to host a massive pilot program for tokenized bank deposits. This strategic move aims to overhaul the current infrastructure of cross-border payments by integrating cutting-edge blockchain technology into the global financial messaging network.
Featuring heavyweights such as HSBC, Citi, and UBS, the pilot will test the feasibility of 24/7 liquidity and instant settlement. By utilizing tokenized bank deposits, the network intends to facilitate seamless overnight and weekend transactions while strictly adhering to existing compliance, credit, and risk management standards.
SWIFT, the world's largest financial messaging network, has announced the launch of its new blockchain-based ledger following nine months of rigorous development. The platform is set to host a groundbreaking pilot program for tokenized bank deposits involving 17 of the world's most prominent financial institutions.
Major players including HSBC, Citi, BNP Paribas, UBS, ANZ, DBS, and Standard Chartered are preparing to test cross-border payments using these tokenized assets. The new ledger is engineered to enable 24/7 cross-border payment capabilities, including overnight and weekend transactions, all while maintaining the essential compliance, credit, risk, and control standards that define modern payment processing.
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