SWIFT launches blockchain ledger pilot with 17 banks

The global financial messaging network SWIFT has declared its new blockchain-based ledger ready for initial use, with 17 major banks across six continents preparing to pilot live cross-border payments using tokenized deposits. The announcement on Thursday, July 9, 2026, marks a significant step toward enabling round-the-clock international fund transfers while maintaining existing banking controls.

The shared ledger, developed over nine months, is designed to function as an orchestration layer. It records and validates payment commitments between banks when they issue tokenized deposits on their own systems, allowing customer funds to move overnight and on weekends. Final settlement between the banks will continue to occur through established payment rails, such as real-time gross settlement systems, preserving existing compliance, credit, and risk standards. SWIFT emphasized that the ledger is not a traditional payments platform but an infrastructure layer that extends the network's capabilities into the realm of regulated digital money.

A roster of global financial institutions is set to participate in the controlled pilot phase. The banks include ANZ, BNP Paribas, BNY Mellon,...