SWIFT launches blockchain ledger with 17-bank tokenized deposit pilot

SWIFT, the global messaging network for financial institutions, has launched a new blockchain ledger designed to host a pilot program involving 17 major banks. This initiative focuses on tokenized deposits, which are digital representations of traditional bank deposits on a blockchain. The goal is to test whether this technology can enable faster and more efficient cross-border payments. The pilot will explore how tokenized deposits can streamline settlement processes and reduce transaction times and costs. This development marks a step forward in integrating blockchain technology into traditional banking infrastructure, potentially paving the way for broader adoption in international finance.