SWIFT Unveils Blockchain Ledger for Tokenized Cross-Border Payments

SWIFT has launched a blockchain-based ledger for 24/7 tokenized cross-border payments, marking a significant step towards modernizing global financial infrastructure. The system, built on Hyperledger Besu, will enable banks to record and validate interbank payment commitments in real-time using tokenized deposits as the underlying value representation.

The pilot project has already attracted 18 major banks, including ANZ, BNP Paribas, Citi, DBS, HSBC, and Standard Chartered, among others. SWIFT's goal is to create a shared ledger that supports seamless token recognition, making it compatible with central bank digital currencies (CBDCs), stablecoins, and other tokenized assets.

The system promises greater liquidity efficiency, improved cash flow visibility, and faster cross-border execution. SWIFT emphasizes that individual banks retain custody of their own keys and assets, and no funds move to a centralized custodian.