SWIFT has taken another major step toward modernizing international payments by launching the first phase of its blockchain-based ledger. The pilot will allow 17 leading global banks to test tokenized deposit payments designed to support faster, round-the-clock cross-border transactions while maintaining the security and compliance standards of traditional banking.
The initiative reflects the growing interest among financial institutions in blockchain-powered settlement systems that can operate beyond conventional banking hours without sacrificing regulatory oversight.
SWIFT begins blockchain payment pilot
In an announcement made on July 9, SWIFT confirmed that 17 major international banks will participate in the first controlled rollout of its blockchain ledger after nearly nine months of development.
Some of the participating financial institutions include:
- HSBC
- Citi
- BNP Paribas
- UBS
- ANZ
- DBS
- Standard Chartered
The new platform is built around tokenized bank deposits, allowing banks to process cross-border payments at any time, including weekends, holidays, and overnight.
Unlike traditional payment systems that rely on banking hours, the blockchain ledger aims to deliver continuous settlement while preserving the compliance, credit, risk management, and operational controls already used across the global financial system.
Tokenized deposits move closer to mainstream banking
The pilot represents another milestone in the banking industry’s gradual adoption of blockchain technology.
SWIFT said the initial rollout is only the beginning, with plans to expand both the functionality and the number of participating institutions after the testing phase is completed.
Currently, SWIFT connects more than 11,500 banks and financial institutions across over 200 countries and territories. According to the company, around 75% of payments on its existing network already reach recipient banks within 10 minutes, while many transactions settle in just a few seconds.
The blockchain ledger is expected to improve this infrastructure further by supporting continuous settlement without being restricted by traditional banking schedules.
New system could support future digital finance
SWIFT believes the new blockchain infrastructure could eventually enable a wide range of next-generation financial services.
According to Thierry Chilosi, SWIFT’s Chief Business Officer, the blockchain ledger could support innovations such as:
- Programmable money
- Automated financial transactions
- Agentic commerce
- Cross-border tokenized asset transfers
The company said these services can be introduced without compromising the resilience, security, or regulatory standards that global financial institutions require.
Built on months of blockchain development
The pilot follows several blockchain initiatives announced by SWIFT over the past year.
In September 2025, the organization revealed plans to develop a blockchain ledger alongside major banking partners, including:
- Bank of America
- Citigroup
- NatWest
The goal was to support tokenized financial products, including stablecoins, while improving cross-border settlements through smart contracts.
Later that year, SWIFT also began testing the migration of parts of its messaging infrastructure onto Consensys’ Ethereum Layer-2 network, Linea, in collaboration with financial institutions such as BNY Mellon and BNP Paribas.
Banks continue investing in tokenized payment networks
SWIFT is not the only organization exploring blockchain-based payment infrastructure.
Recently, a consortium including:
- JPMorgan Chase
- Bank of America
- Citibank
- Barclays
- BNY
- Wells Fargo
announced plans to develop a tokenized deposit network expected to launch during the first half of 2027. The network aims to connect traditional banking systems with digital asset infrastructure to enable continuous payment settlement.
Interest in tokenization is also expanding into capital markets.
Earlier this year, the New York Stock Exchange partnered with Securitize to explore blockchain infrastructure for tokenized stocks and exchange-traded funds. Meanwhile, Intercontinental Exchange (ICE) has outlined plans for a tokenized securities marketplace featuring 24/7 trading, instant settlement, stablecoin funding, and on-chain asset transfers.
Blockchain continues reshaping global finance
SWIFT’s latest pilot demonstrates that blockchain technology is increasingly becoming part of mainstream financial infrastructure rather than remaining limited to the cryptocurrency industry.
If the pilot proves successful, tokenized deposits could significantly improve the speed, efficiency, and availability of international payments while maintaining the regulatory safeguards required by global banking institutions.
As more financial firms adopt tokenization, blockchain-based settlement systems are expected to play an increasingly important role in the future of cross-border finance.
