Swift rolls out new blockchain ledger to bring 24/7 banking to 17 global giants

HSBC, UBS, Wells Fargo and Citi are among the 17 banks now preparing to pilot live transactions using tokenized digital assets on Swift’s new blockchain payments platform.

Summary

Swift is planning live tests of a blockchain-based shared ledger with 17 major banks to enable round-the-clock cross-border payments using tokenized deposits.
The new system is designed to let banks move customer funds overnight and on weekends, with final settlement still occurring through existing payment rails.
Swift says the ledger will support regulated digital money and tokenized assets across multiple blockchains, extending traditional banking controls to faster, always-on payments.

Aroster of 17 banks are preparing to begin testing live transactions on Swift’s blockchain-based ledger, a step toward round-the-clock cross-border payments using tokenized deposits.

Swift said the ledger is ready for initial use by banks across six continents in an announcement on Thursday. Its aim is to allow banks to move funds for customers overnight and on weekends, before final settlement through existing payment systems.

The banks taking part include UBS, BNP Paribas, BNY, Citi, HSBC, and Wells Fargo.

Swift, the bank-owned messaging network used by more than 11,500 financial institutions, announced the development of this shared ledger platform in October. It then said it would allow banks to settle transactions involving stablecoins and tokenized assets across multiple blockchains, working alongside current payment rails, not replacing them.

Swift, said the system gives banks a shared layer for tokenized deposits issued on their own ledgers. Tokenized deposits are digital versions of commercial bank money.

“With our new ledger capability, we’re extending the trust and stability of established finance into the frontiers of digital money,” said Thierry Chilosi, Swift’s chief business officer.

The project comes as banks, payment firms and crypto companies test faster ways to move money across borders. Stablecoin issuers already offer transfers that can settle outside banking hours, though banks point to regulatory, compliance and risk controls as reasons for using tokenized deposits on bank-led infrastructure.

Swift said 75% of payments on its network now reach beneficiary banks within 10 minutes, and often in seconds. The ledger is meant to add always-on availability for regulated digital money while keeping final settlement tied to existing systems.

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Why it matters :

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