SWIFT launches own blockchain, pilots deposit token payments with 17 banks

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) has announced the initial launch of its proprietary blockchain-based ledger, initiating a pilot program for 24-hour cross-border payments using deposit tokens with 17 global banks. The participating banks include ANZ, BNP Paribas, BNY, Citi, HSBC, Lloyds Bank, Standard Chartered, UBS, UOB, and Wells Fargo. The project was developed over nine months, incorporating feedback from international financial institutions following its announcement last year.