Swift Launches Blockchain-Based Ledger for Tokenized Cross-Border Payments with 17 Banks

Swift has announced that its blockchain-based ledger is ready for initial use, enabling 17 banks across six continents to pilot 24/7 cross-border payments using tokenized deposits. Developed over nine months, the ledger provides a secure orchestration layer for bank-issued tokens, allowing overnight and weekend transactions before final settlement. Participating institutions, including HSBC, Citi, and BNP Paribas, aim to improve liquidity efficiency and transaction speed while maintaining existing compliance and risk standards.

Swift blockchain ledger launch and capabilities

• ▪The Swift blockchain-based ledger provides participating banks with a secure orchestration layer for bank-issued tokenized deposits on their own ledgers.
• ▪Swift designed and built its blockchain-based ledger within nine months, incorporating feedback from international financial institutions.
• ▪Swift announced on July 9, 2026, that its blockchain-based ledger is ready for initial use to support 24/7 cross-border payments with tokenized deposits.

Tokenized deposits and cross-border payments

• ▪The Swift blockchain-based ledger enables participating banks to move funds for customers overnight and on weekends before completing final settlement through existing systems.
• ▪Tokenized deposits are digital representations of customers' bank account balances that can be transferred over blockchain rails.

Participating banks and pilot details

• ▪Seventeen banks from six continents are preparing to pilot live transactions on Swift's blockchain-based ledger.
• ▪The 17 banks participating in the Swift ledger pilot include ANZ, BNP Paribas, BNY, Citi, DBS, HSBC, Standard Chartered, UBS, UOB, and Wells Fargo.

Industry reactions and executive statements

• ▪Thierry Chilosi stated that the Swift ledger capability extends the trust and stability of established finance into digital money while maintaining resiliency, security, and compliance.
• ▪Lisa Vasic of ANZ stated that Swift's digital ledger initiative is an important step in advancing real-time, always-on cross-border payment capabilities.
• ▪Pierre Fersztand of BNP Paribas stated that the Swift ledger pilot is a significant milestone in the evolution of cross-border payments.

Existing Swift network performance and G20 targets

• ▪Currently, 75 percent of payments on the Swift network reach beneficiary banks within 10 minutes.
• ▪Swift is implementing a retail payments framework to ensure upfront transparency on fees and meet G20 targets for international transactions.

Broader digital asset and tokenization context

• ▪A group of United States banks, including JPMorgan Chase and Bank of America, plans to launch a tokenized deposit network in the first half of 2027.
• ▪The Clearing House will operate the planned United States tokenized deposit network, linking traditional payment rails with digital asset infrastructure.