Swift has confirmed that its blockchain-based ledger is ready for initial use, allowing early adopter financial institutions to support cross-border payments using tokenised deposits on a continuous basis. Seventeen banks from six continents are preparing to pilot live transactions on the new infrastructure.
From concept to activation in nine months
Swift said the ledger, first announced in 2025, was designed and built with input from international financial institutions over a nine-month period. The shared ledger provides participating banks with an orchestration layer for bank-issued tokenised deposits held on their own ledgers, allowing them to move funds for customers, including outside standard business hours, before completing final settlement through existing systems. According to Swift, this is intended to improve client experience and global liquidity efficiency while maintaining existing compliance, credit, risk, and control standards.
A company official at Swift said the ledger is intended to extend the trust and stability of established financial infrastructure into digital money, allowing tokenised value to move across borders while maintaining existing levels of resilience, security, and compliance. The official said the ledger is also intended to provide a foundation for further developments in areas such as programmable money and agentic commerce.
Participating banks and pilot programme
Banks preparing to pilot live transactions on the ledger include ANZ, BNP Paribas, BNY, Citi, DBS, First Abu Dhabi Bank, FirstRand Bank, HSBC, Itaú Unibanco, Lloyds Bank, Mashreq, MUFG Bank, OCBC, Standard Chartered, UBS, UOB, and Wells Fargo.
Representatives from several participating banks described the initiative as an early step toward broader adoption of tokenised deposits and distributed ledger technology within cross-border payments. A representative from HSBC said the bank is connecting its existing tokenised deposit service to the new infrastructure, building on capabilities it already operates on a continuous, compliant basis. A representative from DBS said interoperability with existing payment rails and real-world application will be important factors in scaling these capabilities further.
Context within Swift's broader network
Swift said 75% of payments on its network currently reach beneficiary banks within ten minutes, often within seconds, as the cooperative continues work toward meeting G20 targets for international payment transactions. Alongside the ledger, Swift said it is implementing a retail payments framework intended to provide upfront transparency on fees and a more consistent experience for consumers.
Implications for regulated digital assets
The initial go-live phase of the ledger is expected to be followed by expanded functionality and availability. Swift said the ledger builds on existing improvements to its network, positioning the infrastructure as a step toward supporting regulated forms of tokenised value moving across borders, alongside conventional payment rails already used across more than 200 markets globally.
