Tech Vendors Rush to Swift's Blockchain-Based Ledger as Demand Skyrockets

Within just a week of each other, Oracle, IBM, and Cosmos announced integrations with Swift's blockchain-based Ledger. This is unusual given that Ledger only went live in July and is still in pilot phase with 17 banks using it for tokenized deposits until the end of the year.

The flurry of announcements from technology vendors suggests they are either seeing real demand from banks or expect to see it soon.

Swift's Ledger does not move money; instead, tokenized deposits stay on each bank's own system while Swift's shared ledger records and validates payment commitments between banks. Clients can make cross-border payments that settle within minutes at any hour, with the resulting obligations netted out afterwards through conventional channels.