Swift announced on July 9 that its blockchain ledger is ready for a pilot launch. 17 banks are participating in the project, testing international transfers using tokenized deposits. The geography is broad: the system is expected to cover six continents.
For Swift, this is not just another blockchain experiment. Banks have long sought a way to conduct cross-border settlements without being tied to business days, weekends, or time zones. The old infrastructure does not always cope with this, even at Swift’s massive scale. Currently, its network operates in more than 200 markets and processes enormous volumes of transfers, but the demand for 24/7 settlements is growing stronger.
Swift first presented the idea at the Sibos conference in September 2025. At that time, it looked more like a demonstration of future technology. Now the project is moving to a more practical stage—testing with major banks.
How the Swift Blockchain Ledger Works
The new ledger does not replace the familiar Swift payment system. It works differently: it does not transfer money directly but helps banks record and confirm obligations to each other.
Technically, the platform is built on Hyperledger Besu — an open framework compatible with Ethereum. Through this ledger, banks will be able to record tokenized deposit operations almost at any time. Final settlements between them can take place later, during standard business hours.
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In other words, the system aims to eliminate one of the main problems of international transfers: when a payment is ready, both sides agree, but the banks are physically not operating at the required moment.
Each participant still needs its own infrastructure for tokenized deposits. HSBC has already confirmed that its Tokenised Deposit Service is connected to the new Swift system.
So far, no real settlements are being conducted through the ledger. All 17 banks are only preparing for the pilot. But for Swift, this is already a significant step: the design phase was completed in March, and now the product is being introduced into a test environment with real market participants.
Which Banks Are Participating in the Swift Project
The pilot includes ANZ, BNP Paribas, BNY, Citi, DBS, First Abu Dhabi Bank, FirstRand Bank, HSBC, Itaú Unibanco, Lloyds Bank, Mashreq, MUFG Bank, OCBC, Standard Chartered, UBS, UOB and Wells Fargo.
Swift explains the launch simply: traditional finance must maintain reliability, but also learn to work with digital money faster and more flexibly. The company’s business development director Thierry Chilosi also hinted that the ledger could be useful not only for tokenized deposits. In the future, it could be used for programmable money and automated payments between digital services.
Banks also see the project as preparation for a new market format. Clients increasingly want international transfers to work not just Monday to Friday, but whenever business needs arise. For BNY, ANZ and other participants, the Swift pilot is a way to adapt their systems in advance for such demand.
Swift Tries Not to Yield the Market to New Payment Networks
Swift has been one of the main systems for international bank transfers for decades. But now tokenized deposits, stablecoins, and new settlement networks are increasingly entering this market.
The company already emphasizes that its current infrastructure has become faster: about 75% of payments reach the recipient bank in less than ten minutes, and some transactions are almost instantaneous. But speed is not the only issue. Traditional banks are still dependent on schedules, while the market increasingly needs transfers at night, on weekends, and without long pauses between regions.
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Competitors are not standing still either. JPMorgan, Bank of America, Citibank, Barclays, BNY and Wells Fargo recently joined a consortium creating a separate tokenized deposit network. The platform is expected to launch in the first half of 2027, with infrastructure provided by The Clearing House.
Swift apparently does not want to wait for such solutions to take over part of its role in international settlements. After the controlled launch, the company plans to expand the ledger’s capabilities and connect more participants.
Now everything depends on the first real transactions. If banks quickly complete integration and payments start processing without failures, Swift will have a chance to secure a foothold in the new segment—24/7 international settlements based on blockchain infrastructure.
At the same time, the future of the project will depend not only on the technical side. If the pilot confirms the viability of the new settlement model, other banks that are currently watching from the sidelines may join the initiative.
For large financial organizations, such changes are always approached with caution, as we are talking about infrastructure through which trillions of dollars pass daily. That is why the first test results may prove much more important than loud statements. They will show how ready the traditional banking system really is to integrate blockchain solutions into daily operations without changing familiar processes for clients.
