SWIFT Taps 17 Banks to Pilot Tokenized Deposit Payments

TLDR

• SWIFT begins tokenized deposit pilots with 17 global banking partners.

• The ledger targets faster 24/7 cross-border payments through banks.

  

• Banks will test live transfers using regulated tokenized deposits.

• SWIFT keeps settlement tied to existing financial systems and controls.

• The pilot adds momentum to banks’ push for digital payment rails.

SWIFT has moved its blockchain-based ledger into initial use, with 17 banks preparing live pilots for tokenized deposit payments. The project targets 24/7 cross-border transfers across regulated banking channels. It also marks a new step toward digital value movement inside existing financial controls.

SWIFT Moves Tokenized Deposits Into Live Banking Tests

SWIFT said the shared ledger will support bank-issued tokenized deposits across participating institutions. The system will help banks move funds for customers overnight and during weekends. Final settlement will still occur through existing payment systems.

The ledger acts as a secure orchestration layer between banks and their own ledgers. It does not replace current compliance, credit, risk, or control checks. It adds faster payment movement while keeping existing banking standards intact.

SWIFT built the ledger in nine months with input from global financial institutions. The platform extends its existing network into regulated digital payments. Therefore, banks can test blockchain-based transfers without leaving familiar financial infrastructure.

Seventeen Global Banks Join The Pilot

The initial pilot group includes banks from six continents and major financial markets. The list includes HSBC, Citi, BNP Paribas, UBS, ANZ, DBS and Standard Chartered. It also includes BNY, Wells Fargo, Lloyds Bank, OCBC, UOB, MUFG, Mashreq, FAB, FirstRand and Itaú Unibanco.

SWIFT said the banks will prepare live transactions during the controlled go-live phase. The pilot will focus on cross-border payments using tokenized deposits. As a result, banks can assess speed, liquidity benefits, and operational fit.

The pilot gives banks a practical route into tokenized money. It also supports corporate demand for faster payment access across time zones. It connects digital deposits with the trusted systems banks already use.

Banking Networks Push Toward 24/7 Settlement

SWIFT already processes payments across more than 200 markets through its global messaging network. It said 75% of payments reach beneficiary banks within 10 minutes. Many payments also arrive within seconds under its current rails.

The new ledger builds on those upgrades and supports broader G20 goals for cross-border payments. SWIFT also plans a retail payments framework with clearer fees and full value delivery. Together, these updates aim to improve speed, transparency, and consistency.

The move comes as major banks test more digital asset infrastructure. A separate bank consortium plans a tokenized deposit network in early 2027. Tokenized securities projects are also growing across traditional market infrastructure.

SWIFT plans to expand ledger functions and availability after the first phase. The project could later support programmable money and other regulated digital finance uses. For now, the focus remains on live tokenized deposit payments between banks.

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