Swift Blockchain Ledger Ready, 17 Banks Pilot Tokenized Cross-Border Payments
Swift has announced that its blockchain-based ledger is ready, with 17 banks from six continents set to pilot the use of tokenized deposits for 24/7 cross-border payments. The ledger provides a secure orchestration layer for participating banks, enabling them to issue tokenized deposits on their own ledgers for round-the-clock fund movement, with final settlement completed through existing systems. Participating banks include ANZ, BNP Paribas, BNY Mellon, Citibank, DBS Bank, First Abu Dhabi Bank, FirstRand Bank, HSBC, Itaú Unibanco, Lloyds Bank, Mashreq Bank, MUFG, OCBC Bank, Standard Chartered, UBS, UOB, and Wells Fargo.
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