SWIFT has revealed that 17 major banks — including HSBC, Citibank, BNP Paribas, UBS, ANZ, DBS, and Standard Chartered — are set to pilot payments on a new ledger infrastructure built on blockchain technology. The trial will enable these institutions to process international transfers using tokenized deposits at any hour, breaking the conventional boundaries of banking hours.
Today, SWIFT connects more than 11,500 banks and financial institutions across 200 countries and territories through its interbank messaging network. The organization notes that 75% of payments on its existing network are delivered to the recipient bank within 10 minutes, often in seconds. The new ledger will let participating banks offer cross-border payments at night and on weekends — times traditionally unavailable for such transactions. SWIFT maintains that all compliance, credit, risk, and control standards embedded in existing processes will remain intact during the extended operating windows.
Tokenized deposits unlock 24/7 settlement
Tokenized deposits are digital representations of traditional bank deposits recorded on a blockchain, designed to connect funds held in the banking system directly with digital asset infrastructure. Thierry Chilosi, Chief Commercial Officer at SWIFT, called the move a major milestone for regulated digital assets, stating that tokenized value can now be transferred globally with the speed and flexibility demanded by modern commerce. He emphasized that the new component has been integrated into SWIFT’s resilient global platform, laying the groundwork for future innovations such as programmable money and autonomous trading.
Banks race to build tokenized networks
SWIFT’s announcement comes alongside similar efforts by other major banks. A consortium comprising JPMorgan Chase, Bank of America, Citibank, Barclays, BNY, and Wells Fargo has declared plans to launch a tokenized deposit network in the first half of 2027, aiming to merge traditional payment rails with digital asset frameworks to achieve round-the-clock settlements. In March 2026, the New York Stock Exchange partnered with tokenization platform Securitize to develop blockchain-based infrastructure for stocks and ETFs. In January, NYSE’s parent company Intercontinental Exchange unveiled plans for a tokenized securities platform focused on 24-hour trading, instant settlement, stablecoin-based funding, and on-chain clearing.
Following a controlled initial rollout, SWIFT plans to expand the ledger’s functions and access to more institutions. This phased approach ensures reliability and regulatory compliance before wider deployment.