Swift readies blockchain-based ledger as 17 banks prepare live pilots

Swift has confirmed that its blockchain-based shared ledger is ready for initial use, marking a move from sandbox work into live pilot activity for cross-border payments built around bank-issued tokenized deposits. The platform, built on Hyperledger Besu over nine months, is designed to coordinate funding commitments and give participating institutions a shared real-time view of payment status while leaving final settlement on existing RTGS systems and Swift’s current messaging network. The pilot brings together 17 banks from six continents, including ANZ, BNP Paribas, BNY Mellon, Citi, DBS, First Abu Dhabi Bank, FirstRand Bank, HSBC, Itaú Unibanco, Lloyds Bank, Mashreq, MUFG Bank, OCBC, Standard Chartered, UBS, UOB and Wells Fargo. Swift says the model is intended to support payments during nights, weekends and across time zones, addressing a remaining constraint in cross-border banking even as its current network already processes 75% of payments to beneficiary banks within 10 minutes, often in seconds. The system uses tokenized deposits rather than stablecoins or public crypto assets, with each token backed one-to-one by commercial bank deposits. Swift has emphasized that the ledger keeps existing compliance, credit, risk and control standards in place, positioning blockchain as an upgrade to established financial infrastructure rather than a replacement for it. Thierry Chilosi, Swift’s Chief Business Officer, said the platform is designed to move tokenized value across borders with the speed modern commerce demands while maintaining the resilience, security and compliance expected by global financial institutions. Swift has also outlined future work on foreign exchange payment versus payment, programmable corporate payments and cash movements linked to securities transactions.