Swift, 17 Global Banks Launch Live Blockchain Ledger Tests for 24/7 Cross-Border Payments

Swift and a group of 17 major global banks are preparing to begin live testing of blockchain-based transactions through Swift’s new shared ledger platform, marking another step toward enabling 24/7 cross-border payments using tokenized deposits.

The global financial messaging network announced Thursday that the ledger is ready for initial use by participating banks across six continents. The pilot aims to let banks process customer payments overnight, on weekends, and outside traditional banking hours, while final settlement continues through existing payment systems.

Among the financial institutions participating in the initiative are UBS, BNP Paribas, BNY, Citi, HSBC, and Wells Fargo.

Swift, which connects more than 11,500 financial institutions worldwide, first introduced the shared ledger project in October. The platform is designed to support transactions involving tokenized deposits, stablecoins, and tokenized assets across multiple blockchain networks. Rather than replacing existing banking infrastructure, the technology is intended to work alongside current payment rails.

The shared ledger enables banks to issue and transfer tokenized deposits—digital representations of commercial bank money—on their own ledgers while maintaining interoperability across institutions.

“With our new ledger capability, we’re extending the trust and stability of established finance into the frontiers of digital money,” said Thierry Chilosi, Swift’s Chief Business Officer.

The initiative reflects growing competition among banks, fintech companies, and cryptocurrency firms to improve the speed and efficiency of international payments. While stablecoin providers already enable transfers that can settle outside conventional banking hours, banks argue that tokenized deposits operating within regulated banking infrastructure provide stronger compliance, risk management, and regulatory oversight.

Swift said its network has already significantly improved payment speeds, with approximately 75% of transactions reaching beneficiary banks within 10 minutes, and many settling in just seconds. The new blockchain-based ledger is expected to complement those capabilities by adding always-on access to regulated digital money while preserving the security and reliability of existing settlement systems.

The live testing phase could help shape the future of tokenized banking infrastructure and digital cross-border payments as financial institutions increasingly explore blockchain technology for regulated financial services.