SWIFT Launches Live Pilot for Tokenized Bank Deposits
SWIFT has entered the live testing phase of a blockchain-powered ledger that will enable participating banks to process tokenized deposit payments around the clock across borders.
Global financial messaging giant SWIFT has moved its blockchain-based ledger into a live pilot, bringing tokenized bank deposits one step closer to mainstream cross-border payments.
After nine months of development, the organization announced on July 9 that 17 major international banks will participate in an initial rollout designed to enable 24/7 cross-border transactions, including payments processed overnight and during weekends.
The initiative represents one of the most significant real-world deployments of regulated digital asset infrastructure by the traditional banking sector to date.
17 Global Banks Join SWIFT Pilot
The initial pilot includes HSBC, Citi, BNP Paribas, UBS, ANZ, DBS, Wells Fargo, First Abu Dhabi Bank (FAB), Standard Chartered, and several other global financial institutions participating in the controlled rollout.
Unlike public blockchain payment systems, SWIFT’s new ledger is designed to operate within the existing regulated banking framework, allowing institutions to continue using established compliance, credit, risk management, and operational controls while extending payment availability beyond traditional banking hours.
According to SWIFT, the ledger has been built as an extension of its existing financial infrastructure rather than a replacement for current payment rails.
Bringing 24/7 Payments to Traditional Banking
The new platform is intended to address one of the longstanding limitations of international banking: restricted operating hours.
By supporting tokenized deposits, participating banks will be able to facilitate cross-border transfers continuously instead of relying on weekday settlement windows. The capability is expected to improve payment flexibility for businesses and financial institutions operating across multiple time zones.
SWIFT said the ledger has now reached the stage where early adopters can begin live testing under controlled conditions before broader expansion.
The organization also confirmed that additional functionality and wider availability will be introduced after the initial deployment phase.
A Foundation for Regulated Digital Assets
SWIFT operates one of the world’s largest financial messaging networks, connecting more than 11,500 banks and financial institutions across over 200 countries and territories.
The organization noted that 75% of payments processed through its existing network already reach beneficiary banks within 10 minutes, with many transactions settling in just seconds. The new ledger aims to extend those capabilities into the growing market for regulated digital assets while preserving the security and reliability expected by financial institutions.
Thierry Chilosi, Chief Business Officer at SWIFT, said the initiative combines established banking infrastructure with emerging forms of digital money.
“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 launch reflects growing efforts by traditional financial institutions to integrate blockchain technology without abandoning existing regulatory standards.
Tokenized Deposit Momentum Continues to Grow
SWIFT’s announcement comes amid broader industry efforts to modernize payment infrastructure through tokenized deposits and digital asset networks.
Last month, a consortium of major financial institutions—including JPMorgan Chase, Bank of America, Citi, Barclays, BNY, and Wells Fargo—revealed plans to launch a tokenized deposit network during the first half of 2027. Operated by The Clearing House, the network is expected to connect traditional payment systems with digital asset infrastructure to support continuous settlement.
The broader tokenization market has also continued to gain momentum beyond payments. As reported earlier, Securitize, a leading provider of tokenization infrastructure, began trading on the New York Stock Exchange, marking another milestone for the rapidly expanding real-world asset (RWA) tokenization sector.
As regulated financial institutions increasingly explore blockchain-based infrastructure, initiatives such as SWIFT’s live pilot demonstrate that tokenization is evolving from experimental technology into production-ready financial infrastructure.
If the pilot proves successful, it could accelerate the adoption of always-on cross-border payments while laying the groundwork for future innovations, including programmable money and agent-driven financial services, within the existing global banking system.
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