Swift ledger pilot to test tokenised deposit payments at 17 banks

Seventeen banks across six countries are preparing to run live transactions on Swift’s blockchain-based shared ledger, Finextra reported, in a test aimed at using tokenised deposits to support round-the-clock payments and more efficient liquidity management. The pilot extends Swift’s role in cross-border bank messaging into a shared infrastructure model that can coordinate tokenised value while final settlement remains tied to existing payment rails.

The platform has moved from concept to activation in nine months, according to the report. Swift’s ledger is designed as an interoperable orchestration layer, rather than a replacement for banks’ own books. Participating institutions issue tokenised deposits on their own ledgers, while the shared layer coordinates the movement of those bank liabilities between parties.

That structure is intended to let banks move funds for clients outside standard operating windows, including at night and over weekends. The final legal and operational settlement of those payments would still be completed through existing systems, according to the report.

Tokenised deposits are digital representations of commercial bank money. In this model, the token does not sit apart from the regulated banking system. It represents a claim on a bank deposit and is moved through a ledger environment, while compliance, risk, credit and control processes already embedded in payment operations remain part of the process.

Banks involved in the initiative expect the system to improve client service and make global liquidity use more efficient, Finextra reported. For corporate treasurers and financial institutions, the practical issue is timing: payments that can be initiated or coordinated continuously may reduce the need to pre-position funds across markets, though the early pilot remains controlled in scope.

Lisa Vasic, managing director of transaction banking at ANZ, said the combination of Swift’s network and the new infrastructure could help clients transfer money in real time and handle liquidity with greater flexibility.

Thierry Chilosi, Swift’s chief business officer, said the ledger capability was built to allow tokenised value to move across borders at the speed and flexibility required by modern commerce. He said bank backing for the project showed the practical use of the approach and could support future development in programmable money and agentic commerce.

Swift plans to broaden the ledger’s functions and availability after the initial controlled go-live phase, with support from the participating banks, Chilosi said. The report did not identify all participating institutions or specify the countries involved.

The initiative forms part of a broader push by Swift to test blockchain-based infrastructure in regulated payments and tokenised asset markets. Finextra previously reported that Swift said a blockchain-based shared ledger would go live with real transactions this year, and that Swift had announced plans to build a shared ledger for tokenised asset transactions earlier in 2026.

For banks, the pilot’s significance lies in whether tokenised deposit systems can be connected to existing controls rather than operated as separate payment channels. Swift’s approach keeps the bank-issued token, the shared coordination layer and final settlement distinct, which may help institutions test faster payment availability while preserving established oversight and reconciliation processes.

This story draws on original reporting from Finextra Research.