The international payment system SWIFT has announced that its blockchain ledger is ready for the first phase of operation. 17 leading banks from six continents will begin testing cross-border payments using tokenized deposits. This is the first real-world application scenario for the ledger, which was announced a year ago.
How the new infrastructure works
SWIFT's shared ledger serves as a secure orchestration layer for tokenized deposits issued on banks' own ledgers. The key advantage is the ability to move client funds around the clock, including overnight and weekends, all the way to final settlement through existing systems.
According to the developers, banks gain a more convenient client experience and efficient global liquidity management. At the same time, the compliance, credit, and risk control standards embedded in current payment processing are maintained. The system was designed and built in nine months, incorporating feedback from international financial organizations.
Notably, SWIFT's infrastructure already moves the equivalent of global GDP every two to three days across more than 200 markets. 75% of payments on the network reach recipient banks within 10 minutes, and often in seconds.
Pilot participants and their assessments
The pilot includes giants such as ANZ, HSBC, Citi, Standard Chartered, BNP Paribas, UBS, DBS, MUFG Bank, Wells Fargo, BNY, Lloyds Bank, and other institutions. Manisha Kohli, Head of Global Payment Solutions at HSBC, called connecting to the SWIFT ledger an important step toward real-time cross-border payments without artificial time constraints.
Pierre Fersten from BNP Paribas characterized the project as a significant milestone in the evolution of cross-border payments, emphasizing measurable benefits for corporate clients through faster, more transparent, and secure transactions. UBS highlighted system compatibility: interoperability is key to scaling tokenized deposits beyond individual organizations.
At the same time, several banks, including BNY and MUFG, emphasized the cautious nature of the phase—participation helps assess how new capabilities will develop over time, complementing existing infrastructure rather than replacing it.
My analysis: The launch of SWIFT's blockchain ledger is not just a technological experiment but a strategic maneuver by the traditional financial system aimed at maintaining control over settlement infrastructure in the era of tokenization. The participation of 17 major banks from six continents signals high demand for compatible solutions that combine the benefits of DeFi with the reliability and regulation of traditional finance. If the pilot succeeds, we will witness the emergence of a new standard for institutional tokenized payments that could fundamentally change the landscape of international settlements.