SWIFT Launches Blockchain Infrastructure for Cross-Border Payments

SWIFT has introduced a blockchain infrastructure for cross-border payments, focusing on round-the-clock transfers using tokenized deposits. The pilot project connects different ledgers and synchronizes payment obligations among participants, while final settlement still relies on existing payment systems.

Seventeen banks from six continents are participating, including Citi, HSBC, BNP Paribas, Standard Chartered, BNY, DBS, and MUFG Bank. This move marks a significant step in integrating blockchain technology into traditional global payment networks.