SWIFT Initiates Blockchain Ledger Pilot with 17 Global Banks

The pilot involves major players including HSBC, Citi, BNP Paribas, UBS, ANZ, DBS, and Standard Chartered. By leveraging tokenized bank deposits, the ledger allows for payments during weekends and overnight hours, moving away from the constraints of conventional banking schedules. SWIFT emphasizes that the system maintains existing control protocols, ensuring that the transition to blockchain does not compromise security or regulatory oversight. This development follows nine months of technical refinement, building on earlier experiments with smart contracts and Ethereum-based networks like Linea.

Thierry Chilosi, SWIFT’s chief business officer, described the ledger as a foundation for future innovations such as programmable money and agentic commerce. While the current focus remains on cross-border settlements, the organization plans to broaden the ledger’s functionality after the initial testing phase. The move mirrors broader industry trends, such as the upcoming tokenized deposit network from a consortium including JPMorgan Chase and Bank of America, as well as the New York Stock Exchange's push into tokenized equities. With 75% of current SWIFT payments already reaching beneficiaries within ten minutes, this blockchain integration seeks to further accelerate settlement speeds across its network of 11,500 institutions.