Swift has unveiled a blockchain-based payment system that will allow banks to process cross-border transactions around the clock, marking one of the biggest steps yet by the global financial messaging network toward integrating blockchain into mainstream banking.
The company said 17 banks across six continents are preparing to begin live pilot transactions using tokenized deposits, moving the project beyond its design phase and into real-world testing. The new system is expected to support corporate and treasury payments before expanding to additional use cases.
Unlike traditional cross-border transfers, which often rely on batch processing and are limited by banking hours, Swift’s new shared ledger is designed to enable payments 24 hours a day, seven days a week. It uses blockchain technology to validate payment commitments between banks before settlement, helping ensure funds are available before transactions are completed.
The platform is built on an Ethereum Virtual Machine (EVM)-compatible architecture using Hyperledger Besu, an enterprise blockchain framework. Rather than replacing existing banking infrastructure, the ledger acts as a coordination layer that connects participating institutions while allowing each bank to retain control of its own assets, compliance processes and settlement systems.
Swift first announced plans for the blockchain initiative in September 2025, working with a group of international banks to design a shared ledger capable of supporting tokenized deposits. After completing that phase, the company is now building a minimum viable product (MVP), with live transactions scheduled to begin later this year.
Tokenized deposits are digital representations of commercial bank deposits issued on a blockchain. Unlike stablecoins, which are typically issued by private companies, tokenized deposits remain liabilities of regulated banks while benefiting from blockchain-based settlement and programmability. Supporters say the model can deliver faster payments without requiring customers to leave the traditional banking system.
According to Swift, the shared ledger could also improve liquidity management, reduce reconciliation work between financial institutions and support more advanced financial transactions, including programmable payments, foreign exchange settlement and securities transactions.
The initiative reflects a broader shift among major financial institutions toward tokenization. Banks and payment providers have increasingly explored blockchain technology as a way to modernise cross-border payments while preserving existing regulatory and compliance frameworks. Instead of competing directly with public blockchain networks, many are adopting permissioned systems that combine distributed ledger technology with established banking infrastructure.
Swift connects more than 11,500 financial institutions across over 200 countries and territories, making it the world’s largest cross-border financial messaging network. If the pilot proves successful, the new blockchain infrastructure could become a key part of how international payments are processed, bringing always-on settlement to a system that has traditionally depended on business hours and multiple intermediaries.
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