The Brussels-based institution highlighted that the blockchain ledger underneath this project progressed from proof of concept to activation and pilot use in nine months. Seventeen banks on six continents will now conduct pilot payments with tokenized deposits on top of Swift’s ledger.
Key Takeaways
SWIFT launched a blockchain ledger for tokenized deposits, enabling 24/7 global interbank transactions.Seventeen banks will pilot the network, easing liquidity limits and improving fund management efficiency.Swift developed the ledger in just nine months, setting the foundation for future programmable money.The ledger allows participant banks to intermediate tokenized deposits using their own internal system, allowing the provision of services to customers overnight and on weekends, features that traditional networks struggle to provide due to their limitations.
With this addition to its service portfolio, Swift aims to maintain its leadership in the cross-border payments arena, including a new framework that provides a “strong foundation for the future that will enable value to move in any regulated form, anywhere, with the highest levels of security and resilience,” hinting at the inclusion of programmable money and agentic payments in the future.
