SWIFT Tokenized Ledger Goes Live With 17 Banks for 24/7 Settlements

SWIFT has moved its blockchain-based ledger into initial deployment, with 17 global banks preparing to test tokenized deposit payments for round-the-clock cross-border settlements.

Announcing the development on July 9, SWIFT said HSBC, Citi, BNP Paribas, UBS, ANZ, DBS, and Standard Chartered are among the banks set to participate in the first controlled rollout after nine months of development.

Built around tokenized bank deposits, the ledger will let participating banks process cross-border payments at any time, including weekends and overnight, while preserving the compliance, credit, risk and control standards already used in existing payment systems, according to SWIFT.

The initial rollout follows months of development and testing as banks increasingly explore tokenized deposits within regulated financial infrastructure instead of relying solely on conventional banking hours.

Beyond the first deployment, SWIFT said it plans to expand both the functionality and availability of the ledger after the controlled launch phase.

Supporting more than 11,500 banks and financial institutions across over 200 countries and territories, SWIFT said 75% of payments on its existing network already reach beneficiary banks within 10 minutes, with many settling in seconds.

Calling the launch an important step for regulated digital assets, Thierry Chilosi, SWIFT’s chief business officer, said the new ledger could support future use cases such as programmable money and agentic commerce while allowing tokenized value to move across borders without compromising resilience, security or compliance.

The rollout comes after months of blockchain development inside SWIFT. In September 2025, the company disclosed plans to build a blockchain ledger with major banks, including Bank of America, Citigroup, and NatWest, to support tokenized products such as stablecoins and accelerate cross-border payments through smart contracts.

Later that month, reports indicated SWIFT had begun working with a consortium including BNY Mellon and BNP Paribas to test migrating parts of its core messaging infrastructure onto Consensys’ Ethereum layer-2 network, Linea.

The latest deployment also follows similar initiatives across the banking industry. Last month, a consortium including JPMorgan Chase, Bank of America, Citibank, Barclays, BNY and Wells Fargo announced plans for a tokenized deposit network expected to launch in the first half of 2027, with The Clearing House operating infrastructure that connects traditional payment rails with digital asset systems for continuous settlement.

Interest in tokenized financial infrastructure has also spread to capital markets. In March, the New York Stock Exchange partnered with Securitize to develop blockchain infrastructure for tokenized stocks and exchange-traded funds, while its parent company, Intercontinental Exchange, previously outlined plans for a tokenized securities venue featuring 24/7 trading, instant settlement, stablecoin funding and on-chain settlement.

For a closer look at how tokenized deposits compare with earlier stablecoin trust structures, see Sony Stablecoin Trust Gets Conditional OCC Nod.