Swift, a global financial messaging network connecting banks worldwide, has announced that its blockchain-based ledger is ready for initial use. The new infrastructure will allow banks to process cross-border payments with tokenized deposits around the clock, including nights and weekends.
Seventeen financial institutions from six continents are preparing to test live transactions. Among them are HSBC, a global banking and financial services group, BNP Paribas, one of Europe’s largest banking groups, Citi, an international banking corporation, UBS, a Swiss wealth management and investment bank, and Wells Fargo, one of the largest U.S. banks. They will use the shared ledger to transfer tokenized deposits between banks while completing final settlement through existing payment systems.
The ledger was developed in nine months with input from financial institutions and is the first product built on Swift’s new blockchain
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