Swift has launched the next phase of its blockchain-based payments initiative, moving from design into live implementation as it seeks to modernize cross-border banking with around the clock settlement. The global financial messaging network confirmed that 17 major banks will participate in the first pilot of real-world transactions using tokenized deposits, marking one of the industry’s most significant steps toward integrating blockchain infrastructure into traditional banking.
The initiative focuses on corporate and treasury payments, where businesses often require faster settlement, improved liquidity management, and greater payment transparency. Rather than replacing existing banking rails, Swift’s new platform works alongside them, using blockchain technology to coordinate payment commitments before final settlement takes place through established financial systems.
Building a Digital Payments Layer
The new platform introduces a shared orchestration layer that synchronizes and validates payment commitments between participating banks. By using tokenized bank deposits, institutions can confirm that funds are available before execution, enabling payments to move continuously instead of being restricted by banking hours, weekends, or holidays.
The blockchain infrastructure is built on an Ethereum Virtual Machine compatible architecture powered by Hyperledger Besu. Swift will operate the orchestration layer, while participating banks will continue managing their own assets, compliance processes, and settlement arrangements. This design allows institutions to adopt blockchain capabilities without replacing their existing payment infrastructure.
The pilot follows months of collaboration between Swift and leading financial institutions that helped shape the system’s design before it advanced into real-world testing.
A Step Toward Tokenized Finance
The launch reflects growing momentum behind tokenized financial assets as banks increasingly explore blockchain technology for wholesale payments. Unlike public cryptocurrencies, tokenized deposits represent regulated commercial bank deposits issued within the traditional financial system, allowing institutions to benefit from blockchain efficiency while remaining within existing regulatory frameworks.
If the pilot proves successful, Swift could expand the platform to support additional tokenized assets and broader financial use cases across its global network. The project also positions traditional banking infrastructure to compete with emerging blockchain payment solutions by combining established compliance standards with always-on settlement capabilities.
