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Swift to speed up cross-border payments with blockchain ledger
International payment network Swift has launched a shared blockchain-based ledger that will allow 17 banks across six continents to test cross-border payments using tokenized deposits. This is the first practical use case for this technology within Swift’s infrastructure.
The pilot project includes Citi, HSBC, UBS, BNP Paribas, Standard Chartered, Wells Fargo, BNY, DBS, MUFG Bank and other major international banks, the payment network said in a statement.
According to Swift, the shared ledger will work as a coordination layer for tokenized deposits issued by banks. It will allow participants to transfer client funds around the clock, including overnight and on weekends, while final settlement will take place through existing systems.
Swift believes this approach will preserve current standards for compliance, credit control, risk management and operational oversight, while improving liquidity efficiency and the client experience.
Preparing for the launch
The company unveiled the blockchain ledger last year. Swift said the system was designed and built in nine months with feedback from international financial institutions. The pilot project is expected to lay the foundation for broader interoperability between financial systems and future use cases, including programmable money and agentic commerce.
Swift, which is headquartered in Belgium, provides secure financial messaging services to more than 11,500 banking and brokerage organizations, market infrastructures and corporate clients in more than 200 countries and territories.
The launch is part of Swift’s broader strategy in tokenized finance. In September last year, Chainlink expanded its collaboration with Swift by integrating ISO 20022 payment infrastructure with the Chainlink Runtime Environment in a pilot project with UBS Tokenize. This made it possible to test subscription and redemption of tokenized funds through financial institutions’ existing systems.
How blockchain payments differ from traditional payments
In traditional cross-border payments, money usually passes through several banks and settlement systems. As a result, a transfer can take hours or days, especially if it crosses time zones, weekends or public holidays. Participants also have to reconcile data separately, confirm transactions and wait for final settlement.
A blockchain ledger changes the logic of the process. It allows banks to see a shared record of a transaction and move tokenized deposits between participants more quickly. In Swift’s case, this is not about fully replacing the old banking infrastructure: final settlement will still take place through existing systems. But the blockchain layer helps speed up coordination, reduce delays and make international payments more available around the clock.
As a reminder, Ripple has expanded its treasury platform by providing access to the SWIFT ecosystem.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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