SWIFT's Blockchain Ledger: 17 Banks Pilot Tokenized Payments

SWIFT has launched a blockchain-based shared ledger for institutional use. The pilot, which SWIFT previously announced, now moves into live testing with 17 banks across six continents. The platform settles transactions using bank deposits, not a new digital currency, SWIFT said.

The ledger marks a departure from SWIFT's traditional role as a messaging network. SWIFT said the platform is designed to work alongside existing infrastructure, not replace it.

The 17 banks include institutions from North America, Europe, Asia, Africa, Australia, and South America. The pilot focuses on tokenized deposits – digital representations of commercial bank money – for cross-border payments. The tests will run through the first half of 2026, SWIFT said.

The pilot uses a permissioned blockchain, not a public network. SWIFT said the platform is compatible with existing banking protocols. The ledger uses bank deposits, not stablecoins or central bank digital currencies. It is not open to retail users.

SWIFT said the ledger is designed to reduce settlement times from days to seconds and eliminate the need for correspondent banking chains. The platform is compatible with existing banking protocols, meaning institutions can integrate it without overhauling their systems, SWIFT said.

SWIFT's advantage is its existing network: over 11,000 institutions already use its messaging system. The new ledger extends that reach into settlement.

SWIFT said the pilot will inform whether the ledger moves into full production. A broader rollout would depend on bank adoption and regulatory approval across jurisdictions. The company has not set a timeline for commercial launch.