SWIFT is taking its biggest step into crypto after confirming its blockchain-based shared ledger is ready for initial use. Built on Hyperledger Besu over nine months, the network will let 17 major banks, including HSBC, Citi, UBS, BNP Paribas, DBS, ANZ, and Standard Chartered, pilot live cross-border payments using tokenized deposits.
The rollout moves beyond closed sandbox testing into real banking operations. Rather than replacing existing payment rails, the ledger coordinates tokenized deposits between participating banks while final settlement stays on the current infrastructure. That could help banks process payments during nights, weekends, and across time zones, where delays have long been a problem.
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The shared ledger sits above existing payment rails instead of replacing them. When a participating bank starts a transaction, the platform coordinates funding commitments across counterparties and gives every institution the same real-time view of payment status. Final settlement still runs through RTGS systems and Swift's existing messaging network.
The pilot uses bank-issued tokenized deposits rather than stablecoins or public crypto ***** ets. Each token is backed one-to-one by commercial bank deposits, giving it the same regulated status as money held in a traditional bank account. In practice, the blockchain improves how banks move and coordinate funds, while the underlying money and compliance framework remain unchanged.
The rollout moves beyond closed sandbox testing into real banking operations. Rather than replacing existing payment rails, the ledger coordinates tokenized deposits between participating banks while final settlement stays on the current infrastructure. That could help banks process payments during nights, weekends, and across time zones, where delays have long been a problem.
Discover: The Best Token Presales
The shared ledger sits above existing payment rails instead of replacing them. When a participating bank starts a transaction, the platform coordinates funding commitments across counterparties and gives every institution the same real-time view of payment status. Final settlement still runs through RTGS systems and Swift's existing messaging network.
The pilot uses bank-issued tokenized deposits rather than stablecoins or public crypto ***** ets. Each token is backed one-to-one by commercial bank deposits, giving it the same regulated status as money held in a traditional bank account. In practice, the blockchain improves how banks move and coordinate funds, while the underlying money and compliance framework remain unchanged.
4 months ago
