Swift Pilots 24/7 Token Transfers with Centralized Ledger System
Swift announces a pilot program allowing 17 major banks to transfer tokenized deposits continuously, according to Decrypt. The program leverages a blockchain-based ledger but relies on existing legacy systems for ultimate settlement during business hours.
What Happened
On July 9, 2026, Swift revealed that it would pilot a blockchain-based ledger system enabling 17 global banks to conduct transactions with tokenized deposits round the clock, including weekends. Participating institutions comprise several designated Global Systemically Important Banks, such as Citi, HSBC, and Wells Fargo, spanning six continents.
Why It Matters
This pilot signifies a step toward integrating blockchain technology within traditional finance, albeit while retaining reliance on established systems for settlement during business hours. "Banks benefit from improved client experience and global liquidity efficiency without compromising compliance, credit, risk and control standards embedded in existing payment processing," Swift asserted. The initiative illustrates how traditional financial partners are slowly adopting blockchain efficiencies while maintaining their conventional operational frameworks. According to Mahesh Kini, global head of cash management at Standard Chartered, "We are redefining cross-border payments with Swift’s new blockchain-based ledger—combining tokenized deposits with our global network to deliver instant, always-on money movement."
What to Watch
It will be important to monitor how this pilot progresses, especially the effectiveness and adoption of the new system against traditional models. Observers will also want to see whether Swift refines its centralized approach to offer more decentralized features in response to market and user expectations.
Summary based on original reporting by André Beganski at Decrypt, originally published Jul 9, 2026. SolanaWire does not republish source content.
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