On July 9, the financial messaging network SWIFT announced that its blockchain infrastructure is ready for the first phase of implementation.
Implemented in 9 months. Global from day one.
Swift's blockchain-based ledger is ready for use, with ANZ, BNP Paribas, BNY, Citi, DBS, First Abu Dhabi Bank (FAB), FirstRand Bank, HSBC, Itaú Unibanco, Lloyds Bank, Mashreq, MUFG Bank, OCBC, Standard Bank, Standard Chartered, UOB… pic.twitter.com/05nk0AND8t— Swift (@swiftcommunity) July 9, 2026
The pilot project focuses on 24/7 cross-border payments using tokenized deposits. It involves 17 banks from six continents, including Citi, HSBC, BNP Paribas, Standard Chartered, BNY, DBS, and MUFG Bank.
SWIFT's solution will connect different ledgers, synchronize payment obligations among participants, and enable transactions at any time, including nights and weekends. Final settlements will remain within existing payment systems.
According to the company, this will enhance liquidity management efficiency, speed up transfers, and will not require changes to current security, risk management, and compliance procedures.
Context
The project originated from SWIFT's 2022 initiative, where the firm experimented with the compatibility of traditional systems with CBDCs and cryptocurrencies. Subsequently, the company conducted several pilots in tokenized assets and cross-border settlements, which laid the groundwork for the current development.
In September 2025, the international system announced the integration of blockchain into its technology stack and the assembly of a conceptual prototype in collaboration with ConsenSys. In the same month, SWIFT announced the launch of its own distributed ledger platform in partnership with Chainlink, with which it has collaborated since 2016.
On March 30, 2026, the company completed the design phase and began developing the MVP. At that time, it was stated that the solution would be built on open-source code with an EVM-compatible architecture based on Hyperledger Besu. SWIFT will manage the system, while banks will handle assets, keys, funding, and settlements.
It is worth noting that in June, it was reported that JPMorgan Chase, Citigroup, Bank of America, Wells Fargo, and other major U.S. banks plan to launch a network of tokenized deposits in the first half of 2027.