Swift, the global network for financial messaging, has announced that its blockchain-based ledger is ready for initial use.
The capability is intended to help early adopter financial institutions support 24/7 cross-border payments using tokenised deposits.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
In a statement, the cooperative said 17 banks from six continents are preparing to pilot live transactions. Swift said the shared ledger will act as a “secure orchestration layer” for bank-issued tokenised deposits held on participating banks’ own ledgers.
The approach is designed to help banks move funds for customers outside normal operating hours, including overnight and at weekends, while final settlement continues through existing systems.
Swift said banks will be able to deliver these capabilities “without compromising” compliance, credit, risk and control standards used in current payment processing.
Banks set to take part in the initial trials include ANZ, BNP Paribas, Citi, DBS, HSBC, Lloyds Bank, MUFG Bank, Standard Chartered and UBS, among others.
Swift chief business officer Thierry Chilosi said: “With our new ledger capability, we’re extending the trust and stability of established finance into the frontiers of digital money.
“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 strong support from banks shows the practical value of this approach — one that will help scale benefits globally while creating a foundation for future innovation in areas like programmable money and agentic commerce.”
The initiative follows Swift’s announcement of the ledger last year. The platform was designed and built with input from international financial institutions in nine months, it added.
Swift provides financial messaging services for 11,500 banks and financial institutions across more than 200 countries and territories.
Earlier this month, Barclays, HSBC, Lloyds and NatWest went live with a new Swift consumer payments initiative aimed at offering a “better experience” for people when making money transfers.
