Swift Launches Blockchain Ledger for 24/7 Cross-Border Payments
The Society for Worldwide Interbank Financial Telecommunication (Swift) has launched a blockchain-based ledger designed to enable 24/7 cross-border payments through tokenized deposits. The Brussels-based institution reported that the ledger progressed from proof of concept to activation and pilot use in nine months.
Seventeen banks from six continents will conduct pilot payments on Swift’s new network. Participants include BNP Paribas, Citi, HSBC, Itaú Unibanco, Lloyds Bank, MUFG Bank, Standard Chartered, UBS, and Wells Fargo. The system allows correspondent banks to ease liquidity limitations and improve fund management efficiency by intermediating tokenized deposits through their internal systems.
Thierry Chilosi, Chief Business Officer at Swift, emphasized the compliance benefits of Swift’s approach. He stated that the blockchain system enables tokenized value “to move across borders with the velocity and flexibility modern commerce expects, while maintaining the same high levels of resiliency, security, and compliance global finance requires.”
Swift’s ledger, initially announced in September with over 30 banks involved, aims to maintain Swift’s leadership in cross-border payments. The institution noted that the framework provides a foundation for future developments, including programmable money and agentic payments.
The move reflects a broader trend of financial institutions adopting blockchain technology for its advantages in transparency, efficiency, and operational flexibility.