SWIFT Goes Onchain: 17 Banks Pilot Tokenized Deposits, Banking Hours Officially Canceled 🌐

The world's largest financial messaging network, SWIFT, said its blockchain-based ledger is ready for initial use after nine months of development. Seventeen major banks, including HSBC, Citi, BNP Paribas, UBS, ANZ, DBS and Standard Chartered, are preparing to pilot cross-border payments using tokenized bank deposits on the new ledger, SWIFT announced on Thursday.

The ledger is designed to enable participating banks to support 24/7 cross-border payments, including overnight and weekend transactions, while maintaining existing compliance, credit, risk and control standards embedded in current payment processing. SWIFT said it plans to expand the ledger's functionality and availability after the initial controlled go-live phase. SWIFT's interbank messaging network connects more than 11,500 banks and financial institutions across more than 200 countries and territories, and the organization said 75% of payments on its existing network already reach beneficiary banks within 10 minutes, often in seconds.

Thierry Chilosi, chief business officer at SWIFT, called the addition to SWIFT's "resilient global platform" a "key milestone for regulated digital assets" that could lay the foundation for future innovation in areas including programmable money and agentic commerce. "It allows tokenised 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," he added.

The development comes a month after a consortium of major banks, including JPMorgan Chase, Bank of America, Citibank, Barclays, BNY and Wells Fargo, announced plans to launch a tokenized deposit network in the first half of 2027. The Clearing House will operate that network and connect traditional payment rails with digital asset infrastructure for 24/7 settlement.

Separately, on March 24, the New York Stock Exchange partnered with tokenization platform Securitize to build blockchain-based infrastructure for tokenized stocks and exchange-traded funds. In January, the NYSE's parent company, the Intercontinental Exchange, shared plans for a tokenized securities venue designed for 24/7 trading, instant settlement, stablecoin-based funding and onchain settlement.