SWIFT has launched a blockchain-based shared ledger for tokenized deposits, with 17 global banks including HSBC, Citi, and BNP Paribas set to pilot cross-border payments. The ledger enables 24/7 settlement while maintaining existing bank compliance and risk controls. The rollout follows nine months of development and is part of broader industry efforts to build tokenized deposit infrastructure. JPMorgan Chase, Bank of America, and others plan a similar network by early 2027, while the NYSE is developing a tokenized securities platform for round-the-clock trading and instant settlement. SWIFT’s ledger is designed to extend traditional finance into digital money, supporting future innovations like programmable payments.
The messaging network has started deploying its blockchain-based ledger after nine months of development. According to a report, SWIFT stated that HSBC, Citi, BNP Paribas, UBS, ANZ, DBS, and Standard Chartered are among the 17 banks joining the initial controlled rollout.
The pilot will test how tokenized bank deposits support international payments within regulated banking systems. The ledger enables cross-border payments around the clock, including weekends and late-night hours when traditional settlement channels are restricted. SWIFT noted that the ledger maintains current levels of compliance, credit, risk, and controls.
The launch follows months of development and testing, with banks having invested heavily in tokenized deposits. SWIFT intends to add more functionalities and open the ledger for broader usage after the initial launch. The organization views this as an aspect of broader payment infrastructure, not a substitute for existing messaging rails. The network already connects over 11,500 institutions across more than 200 countries, and 75% of current payments reach beneficiaries within ten minutes.
Thierry Chilosi, chief business officer at SWIFT, called the development an important step toward digital assets regulation. “With our new ledger capability, we’re extending the trust and stability of established finance into the frontiers of digital money,” he said.
The banking industry is developing its own tokenized deposits infrastructure. JPMorgan Chase, Bank of America, Citibank, Barclays, BNY, and Wells Fargo revealed plans to launch a network by the first half of 2027, managed by Clearing House to connect traditional payment systems with digital asset infrastructure for 24/7 settlement.
Tokenization efforts have also reached securities markets. In March, the New York Stock Exchange partnered with Securitize to create infrastructure for tokenized stocks and ETFs. In January, Intercontinental Exchange, the parent of NYSE, outlined plans for a tokenized securities venue enabling 24/7 trading, instant settlement, stablecoin funding, and on-chain settlement.
