Swift launches blockchain ledger pilot
Analysis based on 18 articles · First reported Jul 09, 2026 · Last updated Jul 10, 2026
Swift's blockchain ledger pilot could enhance efficiency in cross-border payments, potentially reducing costs and settlement times for banks and their corporate clients. The initiative may accelerate adoption of tokenized deposits and increase competition among payment networks, impacting traditional correspondent banking models.
Swift has made the initial phase of its blockchain-based ledger available for use, with 17 global banks preparing to pilot live cross-border payments using tokenized deposits. The shared ledger, built on Hyperledger Besu, acts as an orchestration layer enabling 24/7 payment movement while final settlement remains on existing banking systems. Participating banks include ANZ, BNP Paribas, BNY, Citi, DBS, First Abu Dhabi Bank, FirstRand, HSBC, Itaú Unibanco, Lloyds, Mashreq, MUFG Bank, OCBC, Standard Chartered, UBS, UOB, and Wells Fargo. Swift designed the ledger in nine months following feedback from financial institutions. The first use case is tokenized cross-border payments, with future applications including programmable money and agentic commerce. Swift's move signals growing institutional adoption of regulated digital asset technology, distinct from public stablecoin initiatives. The cooperative faces competition from a separate tokenized deposit network announced by JPMorgan, Bank of America, Citibank, Barclays, BNY, and Wells Fargo, targeting a 2027 launch with Nepal Clearing House.
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