The world’s biggest banks have lined up behind SWIFT’s new blockchain-based ledger, with pilot participants highlighting a common theme: the need for real-time, 24/7 cross-border payments that work alongside existing banking infrastructure rather than replacing it.
17 banks will take part in initial live transactions on the platform, including ANZ, BNP Paribas, BNY, Citi, DBS, First Abu Dhabi Bank, FirstRand Bank, HSBC, Itaú Unibanco, Lloyds Bank, Mashreq, MUFG, OCBC, Standard Chartered, UBS, UOB and Wells Fargo.
The initiative will allow participating banks to use tokenised deposits for round-the-clock payments while continuing to settle through existing payment systems. The strongest message from banks was that interoperability, not tokenisation itself, is now the industry’s central challenge.
UBS’s Group Head of Digital Assets, Andreas Kubli, described interoperability as “the key enabler” for scaling tokenised deposits beyond individual institutions. He said SWIFT’s ledger could help connect digital money networks and support broader adoption of tokenised payments and digital assets globally.
That theme was echoed by Citi’s Head of Payments, Services, Debopama Sen, who said the launch was “an important step towards enabling always-on payments and liquidity” and would allow banks to create interoperable payment solutions across global networks.
BNY took a more measured tone. Carl Slabicki, Head of Commercial for Global Payments & Trade, said the bank viewed the initiative as an opportunity to understand how shared-ledger capabilities could evolve over time while complementing existing infrastructure and client needs.
Focus on 24/7 payments
Several participants framed the initiative through the lens of customer demand for around-the-clock liquidity. ANZ’s Managing Director for Transaction Banking, Lisa Vasic, said the combination of SWIFT’s trusted network and new ledger infrastructure had the potential to help customers move funds in real time and manage liquidity more flexibly. ANZ said it saw the programme as part of its broader digital-assets strategy and a route towards secure, always-on payments.
At DBS, Group Head of Global Transaction Services Lim Soon Chong said blockchain-based ledgers and tokenised money could provide greater speed, transparency and real-time liquidity, but stressed that interoperability with existing payment rails and real-world applications would be critical for long-term adoption.
UOB’s Head of Group Transaction Banking, So Lay Hua, similarly highlighted practical business benefits, arguing that real-time, 24/7 cross-border payments could improve settlement speed, liquidity efficiency and cashflow visibility for corporate customers.
HSBC pushes tokenised deposits
Few banks were as explicit as HSBC about their ambitions. Manish Kohli, Head of Global Payments Solutions, said HSBC was already “leading the charge” in scaling tokenised deposits across multiple markets and would connect its Tokenised Deposit Service to SWIFT’s new infrastructure.
Kohli described the development as a milestone in the evolution of cross-border payments, arguing that businesses increasingly need payments that operate in real time across time zones and without traditional banking cut-off times. He said tokenised deposits connected through SWIFT’s network could improve liquidity efficiency, enhance cash-flow visibility and deliver a seamless 24/7 experience.
The comments underline how major banks increasingly view tokenised deposits—not stablecoins—as the regulated digital-cash model most likely to gain traction within mainstream corporate banking.
Standard Chartered sees payments transformation
Standard Chartered’s Global Head of Cash Management, Mahesh Kini, said the bank was “redefining cross-border payments” by combining tokenised deposits with SWIFT’s new ledger.
Kini argued that the combination could deliver instant money movement, real-time visibility and enhanced liquidity control, helping financial institutions and corporates manage capital internationally with greater efficiency.
At Mashreq, Group Head of Corporate and Investment Banking Joel Van Dusen said next-generation ledger technology would support faster settlement and stronger transaction security for clients.
Lloyds Banking Group’s Payments Managing Director, Kim Verhaaf, described the launch as progress in the development of on-chain ecosystems and highlighted the value of industry collaboration in building digital-finance infrastructure.
Cautious optimism from global institutions
Not every bank focused on immediate transformation. MUFG’s Senior Fellow and Global Head of Transaction Banking, Masahiro Matsumoto, emphasised exploration and evaluation, saying the bank saw long-term potential for tokenised deposits and distributed-ledger technology but wanted to ensure innovations could be integrated into existing financial ecosystems safely and at scale.
Similarly, OCBC’s Chief Strategy and Transformation Officer, Melvyn Low, positioned the programme as part of the bank’s broader blockchain, tokenisation, AI and digital-transformation agenda, saying the goal was to support customer demand for real-time cross-border payments.
Industry consensus emerging
Taken together, the reactions suggest a growing consensus among major transaction banks. The debate is no longer whether tokenised deposits have a role in global payments. Instead, attention has shifted to how different tokenised deposit networks can communicate with one another and interoperate with existing financial-market infrastructure.
SWIFT’s pilot gives banks a potential answer: a shared industry layer that allows regulated, bank-issued digital money to move across institutional boundaries while preserving the controls, compliance frameworks and settlement systems on which today’s financial system depends. Whether that vision can scale beyond the initial 17-bank pilot may become one of the most important stories in payments over the next few years.
