SWIFT launches blockchain ledger with 17-bank tokenized deposit pilot

SWIFT launched its new blockchain ledger that will host a tokenized bank deposit pilot for 17 major banks seeking faster cross-border payments.

The world's largest financial messaging network, SWIFT, said its blockchain-based ledger is ready for initial use after nine months of development.

Seventeen major banks, including HSBC, Citi, BNP Paribas, UBS, ANZ, DBS and Standard Chartered, are preparing to pilot cross-border payments using tokenized bank deposits on the new ledger, SWIFT announced on Thursday. 

The ledger will enable participating banks to support 24/7 cross-border payments, including overnight and weekend transactions, while maintaining existing compliance, credit, risk and control standards embedded in current payment processing.

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