Swift says its blockchain-based shared ledger is ready for initial use, with 17 banks preparing to test tokenized cross-border payments across a network intended to operate around the clock.
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The participating banks span six continents and will explore tokenized commercial-bank deposits for cross-border payment and liquidity workflows. Swift positions the ledger as an extension of its existing financial-messaging network, combining shared transaction state with established identity, compliance and connectivity processes.
The design targets a persistent problem in international banking: payments may move across multiple institutions and time zones while settlement windows, reconciliation and liquidity remain fragmented. A shared ledger could reduce handoffs and allow participating banks to coordinate value transfer continuously.
The project’s importance will depend on interoperability and production adoption rather than pilot volume alone. If banks can connect tokenized deposits without creating isolated networks, Swift could become a bridge between conventional correspondent banking and regulated onchain settlement.
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NEIKLO editorial note: This report summarizes publicly available information and is not financial advice.