SWIFT Launches Blockchain Ledger for Cross-Border Payments Pilot with 17 Major Banks

Jul 9, 2026

SWIFT has launched a pilot for a blockchain-based shared ledger with 17 major banks, including Citi and HSBC, to enable 24/7 cross-border payments using tokenized deposits. The system, developed in nine months, aims to improve liquidity by allowing overnight and weekend transactions while preserving existing compliance standards. Final settlement will still occur on traditional rails, marking a key step in integrating regulated digital assets into global finance.

SWIFT blockchain ledger pilot

▪The ledger enables payments overnight and on weekends, with final settlement occurring through existing payment systems.
▪SWIFT is a Belgium-based cooperative providing messaging services to over 11,500 institutions in more than 200 countries.
▪The ledger was designed and built in nine months with feedback from international financial institutions.
▪SWIFT has launched a pilot for a blockchain-based shared ledger to test 24/7 cross-border payments.

Participating banks

▪Participating banks include Citi, HSBC, UBS, BNP Paribas, Standard Chartered, Wells Fargo, BNY, DBS, ANZ, and MUFG Bank.
▪The pilot involves 17 major banks across six continents.

Tokenized deposit functionality

▪The new system aims to preserve existing compliance, credit, risk, and control standards while improving liquidity efficiency.
▪The system uses bank-issued tokenized deposits, which are digital versions of commercial bank money.
▪SWIFT's Chief Business Officer, Thierry Chilosi, called the launch a "key milestone for regulated digital assets."

Broader tokenization initiatives

▪A consortium of banks including JPMorgan Chase and Bank of America plans to launch a separate tokenized deposit network in the first half of 2027.
▪In a separate initiative, the New York Stock Exchange partnered with Securitize on March 24 to build infrastructure for tokenized assets.
▪The pilot is intended to lay the groundwork for future applications like programmable money and agentic commerce.