Swift Nears Launch of In-House Blockchain With 17 Banks

Swift is nearing the launch of its in-house blockchain, with 17 global banks set to participate.

Swift said on July 9 that its blockchain-based ledger is ready for pilot testing. Financial institutions in the initial rollout will be able to use tokenized deposits to support 24/7 cross-border payments.

The 17 banks participating in Swift's blockchain include Citigroup, DBS, HSBC, Standard Chartered, ANZ and Wells Fargo. They are preparing round-the-clock payment services using Swift's blockchain.

Swift began developing the blockchain last year. It said the ledger was designed and built based on feedback from global financial institutions.

After the initial pilot phase, Swift plans to expand the ledger's functions and the scope of services it offers.

Thierry Chilosi, Swift's chief business officer, said the new ledger capabilities will extend the trust and stability of traditional finance into the digital-currency space. He added that the effort would help lay the groundwork for future innovations such as programmable money and AI agent commerce.