Swift's Blockchain Ledger Goes Live with 24/7 Token Transfers

Swift, the global financial messaging system, has announced that its blockchain-based ledger is ready for 24/7 token transfers. The pilot program involves 17 banks from around the world, including major Global Systemically Important Banks such as Citi, HSBC, and Wells Fargo.

The participating institutions include BNP Paribas, BNY Mellon, Standard Chartered, UBS, and others. While the blockchain-based ledger allows for tokenized deposits to be transferred overnight and on weekends, ultimate fiat settlement still relies on legacy systems during business hours.

Mahesh Kini, global head of cash management at Standard Chartered, said that Swift's new ledger is 'redefining cross-border payments' by combining tokenized deposits with its global network to deliver instant, always-on money movement.