SWIFT has started a pilot project with 17 banks to test cross-border payments using tokenized deposits, according to a report by Nikkei. The participating institutions include Citibank, Mitsubishi UFJ, Wells Fargo, BNY Mellon, UBS and BNP Paribas. The trial is aimed at enabling 24/7 instant transfers between different banks while also reducing the cost of cross-border payments. The move centers on payment infrastructure testing rather than a commercial rollout, based on the information provided. No additional details on the pilot’s timeline, transaction volumes or technical design were disclosed in the source material.
SWIFT has launched a pilot project with 17 banks to test cross-border payments using tokenized deposits, according to Nikkei.
The participating banks include Citibank, Mitsubishi UFJ, Wells Fargo, BNY Mellon, UBS and BNP Paribas. The pilot is designed to enable 24/7 instant transfers between different banks and reduce the cost of cross-border payments.
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