Swift Launches Blockchain Ledger Pilot With 17 Global Banks
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Swift is piloting a blockchain ledger with 17 major banks across six continents, announced July 9, to test tokenized deposits for cross-border payments and to enable overnight and weekend fund movements prior to final settlement on traditional bank rails. Swift reports 75% of its payments already reach beneficiary banks within 10 minutes, and the pilot represents a meaningful crypto and blockchain adoption push that could speed liquidity, reduce settlement friction, and influence DeFi and tokenization use cases in global banking.
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- Swift’s new ledger lets 17 banks test tokenized deposits for cross-border payments.
- The pilot targets overnight and weekend transfers before final settlement on bank rails.
- Swift says 75% of its payments already reach beneficiary banks within 10 minutes.
Swift is moving blockchain closer to the center of global banking as 17 major lenders prepare to pilot tokenized cross-border payments. The Brussels-based financial messaging cooperative said on July 9 that its blockchain ledger has moved from development into initial use.
The pilot will involve banks across six continents, including Citi, HSBC, BNP Paribas, DBS, Standard Chartered, UBS, Wells Fargo, BNY, MUFG Bank, ANZ, and Lloyds Bank. Swift said the first use case will support overnight and weekend fund movements before final settlement through existing systems.
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