July 9 (Crypto-News.Net) – The Swift blockchain ledger is ready for initial use, the payments network said, with 17 banks from six continents preparing tokenized deposit payment pilots.
Key Takeaways
- Seventeen banks are preparing tokenized deposit payment pilots.
- The project moved from concept to activation in nine months, according to the payments network.
- The ledger adds another bank-focused blockchain payment test to Swift’s existing platform.
Swift’s official announcement said the banks are preparing to pilot live transactions using tokenized deposits. The pilots are intended to support 24/7 payment availability and better liquidity efficiency.
An official X post also said the blockchain-based ledger was “implemented in 9 months” and is “global from day one.”
Swift blockchain ledger supports tokenized deposit pilots
The 17 banks preparing pilots come from six continents, according to the announcement. The X post named banks including ANZ, BNP Paribas, BNY, Citi, DBS Bank, First Abu Dhabi Bank, FirstRand, HSBC, Itaú Unibanco, Lloyds Banking Group, Mashreq, MUFG, OCBC, Standard Chartered, UBS and UOB.
For now, the announcement does not say that all participating banks have begun full production transactions. Instead, it describes the ledger as ready for initial use while banks prepare pilots.
That leaves the Swift blockchain ledger at initial activation, not a completed industrywide migration to blockchain settlement.
Bank payment network adds blockchain rail
The payments network is adding the blockchain-based ledger to its global platform. The system targets tokenized deposits, a form of bank-issued digital value used inside regulated banking arrangements. Swift framed the work as part of its cross-border payment infrastructure.
The pilots add another bank-focused test of digital payment infrastructure. Crypto-News.Net recently reported that Sony Bank’s U.S. trust unit received OCC approval tied to a dollar-backed stablecoin plan, while its explainer on what stablecoins are offers background on tokens designed to maintain a steady value.
Reporting by Zoran Spirkovski, Editing by Zoran Spirkovski
Sources
- Swift official announcement – ledger readiness, 17-bank pilot claim, tokenized deposits, 24/7 payment availability and liquidity-efficiency claims.
- Swift official X post – nine-month implementation statement, ledger ready-for-use statement and visible bank names.
