Swift is testing blockchain-based cross-border payments with 17 banks worldwide, including Citigroup and Mitsubishi UFJ Bank, as it pushes tokenized deposits into interbank remittance flows. The pilot is focused on round-the-clock, instant international transfers rather than traditional time-bound settlement windows. According to the Odaily news brief, the project is designed to test whether tokenized deposits can reduce transfer times and lower fees in cross-border banking transactions. Swift is also using the trial to advance broader adoption of tokenized deposits among participating institutions. The report does not disclose a timeline for the pilot or technical details on the underlying blockchain setup, but it identifies the initiative as part of Swift’s effort to bring blockchain applications into international bank-to-bank remittance services.
Swift is pushing blockchain technology into international interbank remittance services and has launched a pilot with 17 banks globally, including Citigroup and Mitsubishi UFJ Bank, according to Odaily.
The trial is testing tokenized deposits for 24/7 instant cross-border remittances. Swift aims to verify whether the model can shorten transfer times and cut fees, while also supporting wider adoption of tokenized deposits.
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