Swift launches 17-bank pilot for instant cross-border transfers using tokenized deposits

  • Swift is testing tokenized deposits for international interbank remittances with 17 global banks.
  • 17 banks, including Citigroup and Mitsubishi UFJ Bank, are participating in the pilot.
  • The pilot will assess 24-hour instant transfers, shorter remittance times and lower fees.

Swift is advancing a blockchain-based system for international interbank transfers through a pilot involving 17 global banks, including Citigroup and Mitsubishi UFJ Bank. The project will use tokenized deposits (digital representations of bank deposits) to test round-the-clock, instant cross-border remittances. It will assess whether the approach can shorten settlement times and reduce fees while supporting wider adoption of tokenized deposits.

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