SWIFT goes on-chain with 17 banks; bankers finally learn what "always online" feels like 🌐

SWIFT, the messaging network that links more than 11,500 banks and financial institutions across over 200 countries and territories, said its blockchain-based ledger is ready for initial use, with 17 major banks preparing to pilot cross-border payments using tokenized bank deposits. The system, developed over nine months with input from international financial institutions, 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 75% of payments on its existing network already reach beneficiary banks within 10 minutes, often in seconds.

The pilot group includes HSBC, Citi, BNP Paribas, UBS, ANZ, DBS, Standard Chartered, Lloyds Bank, MUFG Bank, OCBC, UOB, BNY, Wells Fargo, First Abu Dhabi Bank, FirstRand Bank, Itaú Unibanco and Mashreq. The shared ledger acts as an orchestration layer that allows banks to move tokenized deposits issued on their own ledgers, allowing customers to send funds overnight and on weekends before completing final settlement through existing payment systems. Thierry Chilosi, chief business officer at SWIFT, called the addition to SWIFT's platform a "key milestone for regulated digital assets," adding: "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."

The initiative positions SWIFT alongside a growing set of bank-led tokenization efforts. One month earlier, 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, with The Clearing House set to operate the network and connect traditional payment rails with digital asset infrastructure for 24/7 settlement. 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, and in January NYSE parent Intercontinental Exchange outlined plans for a tokenized securities venue designed for 24/7 trading, instant settlement, stablecoin-based funding and onchain settlement.

Unlike many blockchain payment initiatives centered on public stablecoins, SWIFT's platform is built around bank-issued tokenized deposits that remain on participating banks' own ledgers, with the shared ledger connecting those systems and enabling coordinated real-time cross-border payments through existing settlement rails and regulatory frameworks. SWIFT said it plans to expand the ledger's functionality and availability after the initial controlled go-live phase, while continuing to build on its existing payments network.