On July 9, the financial messaging network SWIFT announced that its blockchain infrastructure is ready for the first phase of use.
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 with 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 not require changes to existing security, risk management, and compliance procedures.
Context
The project evolved from SWIFT’s 2022 initiative, when the firm experimented with integrating traditional systems with CBDCs and cryptocurrencies. The company then conducted several pilots in tokenized assets and cross-border settlements, which laid the foundation for the current development.
In September 2025, the international system announced the integration of blockchain into its technology stack and the creation of a conceptual prototype in collaboration with ConsenSys. In the same month, SWIFT announced the launch of its distributed ledger-based platform in partnership with Chainlink, with whom it has collaborated since 2016.
On March 30, 2026, the company completed the design phase and began developing the MVP. The announcement stated that the solution would be built on open-source with EVM-compatible architecture based on Hyperledger Besu. SWIFT is responsible for system management, while banks handle assets, keys, funding, and settlements.
In June, it was reported that JPMorgan Chase, Citigroup, Bank of America, Wells Fargo, and other major US banks plan to launch a network of tokenized deposits in the first half of 2027.
