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Swift says its blockchain-based ledger is ready for initial use, with 17 banks preparing live cross-border payment pilots using tokenized deposits.
The ledger is designed to support 24/7 payment movement while final settlement remains on existing banking systems.
Banks From Six Continents Join Live Tests
The pilot group includes ANZ, BNP Paribas, BNY, Citi, DBS, First Abu Dhabi Bank, FirstRand, HSBC, Itaú Unibanco, Lloyds, Mashreq, MUFG Bank, OCBC, Standard Chartered, UBS, UOB and Wells Fargo.
Swift said the banks will test live transactions after nine months of development and feedback from financial institutions.
The first use case is cross-border payments. Participating banks will use bank-issued tokenized deposits on their own ledgers, while Swift’s shared ledger acts as an orchestration layer between them.
Ledger Keeps Settlement Inside Bank Systems
Swift said the system is meant to let banks move value for clients overnight and on weekends, when many traditional banking processes still face cut-off times. Final settlement will still be completed through existing banking systems.
Swift said that keeps the pilot inside regulated financial infrastructure while testing whether tokenized deposits can improve speed, liquidity and visibility. The cooperative said the approach is also meant to preserve compliance, credit, risk and control standards.
Tokenized Deposits Are Not Stablecoins
Swift framed the pilot around bank-issued tokenized deposits, not a private stablecoin launch. Tokenized deposits are commercial bank deposits represented digitally on a ledger.
The model keeps the issuing bank inside the regulated banking system and keeps deposit claims, customer controls and institutional settlement processes close to existing models.
Swift does not hold funds or manage accounts. It operates as a messaging and standards network connecting more than 11,500 banks, securities firms, market infrastructures and corporate customers.
Swift Says Programmable Payments May Follow
Swift said the ledger will expand in function and availability after the controlled go-live phase. The first priority is tokenized cross-border payments. Later use cases could include programmable payments and other regulated digital asset flows.
The next step is the live pilot. Swift said the participating banks will begin testing tokenized deposit transactions through the shared ledger while using existing systems for final settlement.
