(13 July 2026 – Belgium) 17 global banks including StanChart, UBS, ANZ, HSBC, DBS and Citi are set to pilot live transactions using tokenized deposits on Swift’s new blockchain platform.
Swift’s new distributed ledger technology (DLT) enables banks to transfer funds outside standard business hours, including overnight and weekends with final settlement remaining linked to existing correspondent banking payment infrastructure.
Tokenized deposits operate within existing banking relationships, regulatory frameworks and balance sheets while enabling 24/7 movement of money in contrast to stand alone stablecoin infrastructure.
Pioneered by JPMorgan’s Kinexys platform which continues to record growing treasury client demand, tokenized bank deposits have emerged as the leading form of digital liquidity management for corporate treasurers. Available through GSIBs such as JPMorgan, Citi, HSBC and in multiple G10 currencies, total daily volume has increased to several billion.
“Swift’s digital ledger initiative is an important step in advancing real-time, always-on cross-border payment capabilities. By combining Swift’s trusted network with this new infrastructure, we see strong potential to help customers move funds in real-time and manage liquidity more flexibly. Building on our deep experience in digital assets, ANZ is committed to working with Swift and global partners to securely scale next-generation payments infrastructure and deliver more efficient, always-on payments capabilities” stated ANZ Managing Director Transaction Banking, Lisa Vasic.
“The launch of Swift’s blockchain-based ledger represents an important step towards enabling always-on payments and liquidity. Collaborating on this initiative reinforces Citi’s commitment to our clients for making cross-border money movement seamless and instant. Leveraging Swift’s innovative blockchain based messaging infrastructure allows us to create interoperable payment solutions, powered by Citi’s network, enhances our ability to serve our global clients with greater speed, resilience and security” said Citi Head of Payments, Services, Debopama Sen.
“We are redefining cross-border payments with Swift’s new blockchain-based ledger – combining tokenised deposits with our global network to deliver instant, always-on money movement. This will position our FI and Corporate clients at the forefront of payments innovation – unlocking real-time visibility, enhanced liquidity control, and the speed needed to stay ahead in managing capital globally” said Standard Chartered Global Head of Cash Management, Mahesh Kini.
“With our new ledger capability, we’re extending the trust and stability of established finance into the frontiers of digital money. It allows tokenised value to move across borders with the velocity and flexibility modern commerce expects, while maintaining the same high levels of resiliency, security, and compliance global finance requires. The strong support from banks shows the practical value of this approach, one that will help scale benefits globally while creating a foundation for future innovation in areas like programmable money and agentic commerce” commented Swift Chief Business Officer, Thierry Chilosi.
Banks that will pilot initial live transactions on the ledger include:
ANZ
BNP Paribas
BNY
Citi
DBS
First Abu Dhabi Bank (FAB)
FirstRand Bank Limited
HSBC
Itaú Unibanco
Lloyds Bank
Mashreq
MUFG Bank
OCBC
Standard Chartered
UBS
UOB
Wells Fargo