Swift has made its blockchain-based ledger available for initial use, with 17 banks from six continents preparing to pilot live cross-border transactions using tokenised deposits. The controlled rollout is designed to support 24/7 payments and improve liquidity efficiency while retaining the compliance, credit, risk and control standards of existing payment processes. The shared ledger acts as an orchestration layer for bank-issued tokenised deposits held on participating banks’ own ledgers. It enables customer funds to move overnight and on weekends before final settlement through existing systems. Developed with financial institutions over nine months, the capability complements Swift’s wider upgrades to conventional cross-border payment rails, including its retail payments framework. Swift plans to expand the ledger’s functionality and availability after the initial controlled go-live phase, potentially supporting further applications such as programmable money and agentic commerce.
Swift activates blockchain-based ledger as 17 banks prepare live tokenised deposit payment pilots
Swift has activated its blockchain-based ledger for initial use, with 17 banks preparing to pilot live cross-border transactions using tokenised deposits. The ledger supports 24/7 fund movement while final settlement remains on existing systems. Its functionality and availability will expand after the controlled go-live phase.