SWIFT Launches 24/7 Blockchain Payments with 17 Major Banks
SWIFT announces the rollout of a new blockchain-based payments platform for live transactions with 17 major banks, including HSBC and Citi, according to CoinDesk. This system aims to facilitate round-the-clock cross-border payments using tokenized digital assets while integrating with existing banking infrastructure.
SWIFT has initiated a live testing phase for a blockchain-based shared ledger system that will enable 24/7 cross-border payments using tokenized deposits. A total of 17 major financial institutions, including HSBC, UBS, Wells Fargo, and Citi, are slated to participate in these trials.
Designed to improve the efficiency of fund transfers, this new platform allows banks to process customer transactions overnight and during weekends. Final settlements, however, will still be conducted through traditional payment systems. As part of this initiative, SWIFT's blockchain ledger will support regulated digital currencies and tokenized assets, thereby extending the existing capabilities of the banking system.
The shared ledger capability, as outlined by SWIFT, provides a foundation for tokenized deposits that can be issued on multiple banks' ledgers. "With our new ledger capability, we’re extending the trust and stability of established finance into the frontiers of digital money," said Thierry Chilosi, SWIFT’s chief business officer.
This development comes at a time when banks and financial services are exploring faster means to facilitate international payments. Notably, stablecoin issuers already enable transactions that can be finalized outside standard banking hours. However, banks emphasize that the complexity of regulatory, compliance, and risk considerations necessitates using their own infrastructures for these tokenized deposits.
Currently, SWIFT reports that approximately 75% of payments processed on its network are completed within 10 minutes, with many taking just seconds. The introduction of this new ledger aims to enhance service availability for regulated digital currencies while maintaining ties to established settlement processes.
Summary based on original reporting by Olivier Acuna at CoinDesk, originally published Jul 9, 2026. SolanaWire does not republish source content.
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