Swift has taken another step toward modernizing global payments by introducing a blockchain-based shared ledger for tokenized deposits. The new platform will support a pilot involving 17 major banks across six continents.
The initiative aims to improve cross-border transactions while preserving the trusted framework that financial institutions already use. Additionally, the project highlights Swift’s strategy to bridge traditional banking with digital asset infrastructure without replacing existing settlement systems.
Global Banks Test Shared Ledger
According to the press release, major lenders, including Citi, HSBC, UBS, BNP Paribas, Standard Chartered, Wells Fargo, BNY, DBS, and MUFG Bank, will participate in the pilot. The shared ledger allows banks to move tokenized deposits around the clock, including weekends and overnight.
Consequently, institutions can improve liquidity management while offering faster services to customers. Swift designed the platform with direct input from global financial institutions.
Building the Future of Digital Finance
Moreover, Swift believes the ledger creates a foundation for programmable money and future digital commerce. The pilot also strengthens the company’s broader tokenization strategy.
Last year, Swift also strengthened its tokenization strategy through a live collaboration with Chainlink and UBS Tokenize. Hence, the latest rollout reinforces growing efforts to make blockchain technology compatible with established banking infrastructure.
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