Swift’s blockchain ledger allows 17 banks worldwide to support tokenised cross-border payments 24/7

Global financial messaging network Swift’s blockchain-based ledger is ready for initial use, with 17 banks from six continents preparing to pilot live transactions, the company announced Thursday. 

The shared ledger provides participating banks with a secure orchestration layer for bank-issued tokenised deposits on their own ledgers, enabling them to move funds for customers, hence allowing the financial institutions to support 24/7 cross-border payments with tokenised deposits. 

Banks preparing to pilot live transactions include ANZ, BNP Paribas, BNY, Citi, DBS, First Abu Dhabi Bank, FirstRand Bank, HSBC, and Itaú Unibanco.

It’s the first use case for the ledger, which Swift announced last year and built with feedback from international financial institutions in nine months. 

𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝗧𝗵𝗲 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱 𝗔𝗽𝗽 ↓