SWIFT's blockchain ledger ready for use with 17 pilot banks pioneering tokenised cross-border payments

Swift's blockchain-based ledger is ready for use, with 17 early adopter banks from six continents preparing to pilot live transactions using tokenised deposits, the interbank messaging network said in a statement on 9 July 2026. Swift said it moved from concept to activation of the ledger in nine months.

The ledger is designed to enable 24/7 cross-border payments and to allow overnight and weekend movement of value before final settlement is completed through existing systems. According to industry reporting, the ledger is built on Hyperledger Besu, an open-source, Ethereum Virtual Machine (EVM)-compatible client.

PARTICIPATING BANKS AND USE CASE

The 17 early adopter banks span six continents. Participants named by Swift include ANZ, BNP Paribas, BNY, Citi, DBS, First Abu Dhabi Bank, FirstRand Bank, HSBC, Itau Unibanco, Lloyds Bank, Mashreq, MUFG Bank, OCBC, Standard Chartered, UBS, UOB and Wells Fargo.

The shared ledger provides participating banks with a secure orchestration layer for bank-issued tokenised deposits on their own ledgers; Swift said banks benefit from improved client experience and global liquidity efficiency without compromising the compliance, credit, risk and control standards embedded in existing payment processing.

Swift announced the ledger last year and said it designed and built it with feedback from international financial institutions in nine months.

TECHNICAL ARCHITECTURE AND OPERATING MODEL

The ledger will expand in functionality and availability after the initial controlled go-live phase, Swift said.

Operationally, the ledger enables 24/7 cross-border payments and allows movement of value overnight and at weekends, before final settlement is completed through existing systems.

Swift said the initiative is part of its work to provide a trusted global infrastructure for tokenised cross-border payments. Swift said the development sets the stage for next-generation innovation and interoperability, and could support future innovations in areas such as programmable money and agentic commerce.