Swift is launching live tests of a new blockchain-based shared ledger with 17 of the world's largest banks. The initiative aims to enable round-the-clock cross-border payments.
Participating financial institutions include UBS, BNP Paribas, BNY, Citi, HSBC, and Wells Fargo. The system is designed to move customer funds overnight and on weekends, using tokenized deposits.
Final settlement for these transactions will still occur through Swift's existing payment rails. The new ledger provides a shared layer for banks to issue digital versions of commercial bank money.
"We are extending the trust and stability of established finance into the frontiers of digital money," said Thierry Chilosi, Swift's Chief Business Officer. The project responds to competition from stablecoin providers offering faster transfers outside traditional banking hours.
Swift reports that 75% of payments on its network already reach beneficiary banks within 10 minutes. The blockchain ledger adds constant availability for regulated digital money while maintaining final settlement through established systems.