Swift Activates Blockchain Ledger for Tokenized Cross-Border Payments

Swift, the messaging backbone that connects over 11,000 financial institutions worldwide, has activated its blockchain-based shared ledger. This innovation enables participating banks to move tokenized deposits across borders around the clock, improving payment speed and liquidity efficiency.

The pilot program, which includes 17 major banks such as Citi, HSBC, and UBS, is now running 24/7. The project's rapid development timeframe is notable, having taken only roughly nine months to progress from initial unveiling to operational readiness.

The ledger functions as a shared orchestration layer, allowing participating banks to make secure commitments to each other for cross-border payments. While the actual settlement still flows through existing infrastructure, the commitment and coordination happen in real-time.