SWIFT, the world’s largest financial messaging network, launched a blockchain-based ledger on July 9, 2026, to host a tokenized bank deposit pilot involving 17 major banks. The ledger will enable faster cross-border payments while maintaining existing compliance and risk standards, according to the announcement.
The pilot represents SWIFT’s entry into tokenized finance infrastructure. Thierry Chilosi, Chief Business Officer at SWIFT, said the ledger “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.”
Chilosi also described the pilot as a “key milestone for regulated digital assets.” The ledger was developed over nine months in partnership with technology firm Consensys, built on the Ethereum-compatible Hyperledger Besu framework, and will support 24/7 cross-border payments, including overnight and weekend transactions. Currently, 75% of payments on SWIFT’s network reach beneficiary banks within 10 minutes.
SWIFT connects 11,500 banks and financial institutions across 200+ countries and territories. The 17 participating banks are ANZ, BNP Paribas, BNY, Citi, DBS, First Abu Dhabi Bank, FirstRand Bank, HSBC, Itaú Unibanco, Lloyds Bank, Mashreq, MUFG Bank, OCBC, Standard Chartered, UBS, UOB, and Wells Fargo.
The pilot operates as a controlled go-live phase. SWIFT plans to expand the ledger’s functionality and availability after this initial phase concludes, though the company did not specify a timeline for expansion.
The SWIFT ledger launch follows a separate announcement one month prior in which a consortium of major banks announced plans to launch a tokenized deposit network operated by The Clearing House. That network is scheduled to launch in the first half of 2027.
SWIFT’s move aligns with broader tokenization initiatives in financial infrastructure. In January, Intercontinental Exchange (ICE), parent company of the New York Stock Exchange (NYSE), announced plans for a tokenized securities venue. In March, NYSE partnered with Securitize to develop tokenized stocks and ETF infrastructure.
