Swift has announced that its blockchain-based ledger is now ready for use, with 17 leading banks across six continents preparing to pilot live cross-border transactions using tokenised deposits. The launch marks a significant milestone in the evolution of regulated digital assets and demonstrates how blockchain technology is increasingly being integrated into mainstream financial infrastructure.
Designed to support 24/7 cross-border payments, the new ledger enables participating banks to move tokenised value securely across borders while leveraging existing banking systems for final settlement. This approach combines the speed and flexibility of blockchain technology with the trust, resilience, and compliance standards that underpin the global financial system.
According to Swift, the blockchain-based ledger was developed and activated within just nine months, reflecting strong industry demand for enhanced cross-border payment capabilities and improved liquidity management. The platform acts as a secure orchestration layer, allowing banks to move funds on behalf of clients at any time, including nights, weekends, and public holidays.
The pilot group includes some of the world’s largest financial institutions, among them Citi, HSBC, BNP Paribas, UBS, Wells Fargo, Standard Chartered, DBS, Lloyds Bank, MUFG, OCBC, UOB, ANZ, and South Africa’s FirstRand Bank. Their participation highlights growing institutional confidence in tokenisation as a practical solution for modernising global payments.
Beyond faster payments, the initiative is expected to deliver significant benefits for businesses and financial institutions through enhanced liquidity efficiency, improved cash-flow visibility, and real-time access to funds across multiple markets and time zones.
The launch also reinforces a broader industry trend: the convergence of traditional finance and digital asset technologies. Rather than replacing existing payment systems, Swift’s solution extends current infrastructure to support tokenised forms of money, creating a foundation for future innovations such as programmable payments, real-time treasury management, and digital commerce.
As global financial institutions continue to explore tokenisation and blockchain-based settlement, Swift’s announcement represents one of the clearest signs yet that digital assets are moving beyond experimentation and into mainstream financial operations.
With live pilots set to begin, the industry will be closely watching what could become a defining development in the next generation of cross-border payments infrastructure.