Swift Unveils Blockchain Ledger for Cross-Border Payments

Swift, the bank-owned messaging network used by over 11,500 financial institutions, has announced that its new blockchain-based shared ledger is ready for initial use by banks across six continents. The ledger aims to enable round-the-clock cross-border payments using tokenized deposits. Tokenized deposits are digital versions of commercial bank money.

Seventeen major banks, including UBS, BNP Paribas, BNY, Citi, HSBC, and Wells Fargo, are preparing to pilot live transactions using tokenized digital assets on Swift's new blockchain payments platform. The project is part of a broader effort by banks to test faster ways to move money across borders.

Swift's chief business officer, Thierry Chilosi, said that the system extends the trust and stability of established finance into the frontiers of digital money.