Global Financial Messaging Network Swift Launches Blockchain-Based Payment System! Here Are the Details

SWIFT, one of the most important players in the global financial infrastructure, announced that it has launched its own blockchain-based ledger system and a pilot program with 17 global banks for 24/7 cross-border payments via deposit tokens. This development is noteworthy as it shows that the traditional financial world is beginning to use blockchain technology more directly.

According to SWIFT, the pilot program aims to enable cross-border payments to be made faster and more efficiently, 24/7. The system is built on SWIFT’s own blockchain-based ledger system. It aims to allow banks to process international payments via deposit tokens, without being bound by traditional working hours.

The 17 banks participating in the project include leading institutions in the global financial sector. Participants include major banks such as ANZ, BNP Paribas, BNY, Citi, HSBC, Lloyds Bank, Standard Chartered, UBS, UOB, and Wells Fargo. The inclusion of banks of this scale demonstrates that SWIFT’s initiative is not merely an experimental technology test, but also preparation for real financial use cases.

SWIFT stated that the infrastructure in question was developed over the past nine months and shaped by feedback from international financial institutions following its announcement last year. The aim of this process was to make blockchain technology compatible with existing banking systems and to reduce time, cost, and operational inefficiencies experienced in international payments.

According to experts, SWIFT’s move is a strategic response to the growing competition in the financial sector surrounding stablecoins, tokenized deposits, and on-chain payment solutions. At a time when traditional payment networks are striving to become more agile in the face of blockchain-based alternatives, SWIFT’s deployment of its own distributed ledger infrastructure is considered a significant milestone for the future of global payment systems.

*This is not investment advice.