Swift's Blockchain Ledger Goes Live with 17 Banks Ready for Pilot

Swift's blockchain-based ledger is now live and ready for use after being developed in just nine months. The ledger records and validates interbank payment commitments, allowing banks to move funds at any time, including overnight and on weekends.

The initial pilot involves 17 banks that will test tokenized cross-border transactions using the new system. Tokenization enables faster, more predictable, and efficient cross-border payments by leveraging existing compliance processes and supporting multiple settlement options.

Swift's Managing Director and Head of Innovation, Nick Kerigan, emphasized that the future of regulated settlement will be about choice in rails and forms of regulated value. He noted that Swift can play a unique role in enabling interoperability across platforms, unlocking liquidity across networks, and supporting a future where regulated forms of value can move seamlessly across borders.

The ledger is built on an EVM-compatible Hyperledger Besu architecture and combines distributed ledger technology with Swift's global reach, security, and standards. This creates a foundation for more scalable, predictable, and efficient cross-border transactions.