SWIFT announced on July 9 that its blockchain-based shared ledger is ready for initial use. Seventeen banks from six continents are preparing to pilot live tokenized deposit transfers on the platform. The participating institutions include BNP Paribas, HSBC, Lloyds Bank, UBS, Citi, DBS, MUFG Bank, and Wells Fargo.
The ledger functions as an orchestration layer for bank-issued tokenized deposits, not as a payment system itself. Each bank maintains deposits on its own ledger while the shared platform coordinates transfers between participants. Fund movement can occur around the clock, including overnight and on weekends. Final interbank settlement happens separately through conventional RTGS systems such as T2 and CHAPS.
Consensys built the prototype using Hyperledger Besu, an open-source Ethereum-compatible framework. Chainlink's Cross-Chain Interoperability Protocol provides the cross-ledger connectivity. SWIFT designed the platform with bank feedback in nine months following its announcement at Sibos in September 2025.