- Swift launched a live blockchain pilot with 17 global banks.
- The platform enables 24/7 transfers using tokenized deposits.
- Banks still settle through existing payment infrastructure.
- The pilot marks Swift's first live blockchain deployment.
Swift has launched its first live blockchain-based payment pilot, bringing together 17 major banks to test cross-border transfers using tokenized deposits.
Participants include Citi, HSBC, UBS, BNP Paribas, Wells Fargo, BNY, DBS, Standard Chartered, and MUFG. The new shared ledger allows banks to move tokenized deposits around the clock while preserving existing compliance, risk management, and settlement processes.
Rather than replacing today's payment rails, Swift's system acts as an orchestration layer that coordinates transfers before final settlement occurs through traditional infrastructure.
The pilot builds on Swift's broader tokenization strategy and could eventually support programmable payments, tokenized assets, and AI-driven financial services. With more than 11,500 institutions connected to its network, Swift's entry into blockchain infrastructure represents another major step toward institutional adoption of tokenized finance.
