Deployments · platform by Swift

Swift blockchain ledger for tokenised deposit paymentsUpdated 17 Oct 2026

Swift's blockchain-based shared ledger sits between banks' own tokenised deposit systems: banks exchange payment messages, the ledger records and checks the resulting obligations, matches and nets them, and final settlement still happens in existing systems such as RTGS and correspondent accounts. Announced at Sibos in September 2025 from a prototype built with Consensys, it was declared ready for early adopters in July 2026 with 17 named pilot banks. HSBC and Standard Chartered ran the first live interbank transaction in August 2026, and by early September seven banks had transacted, including weekend and domestic Singapore dollar payments. The pilot runs to the end of 2026.

Pilot since 19 Aug 2026^[5]i — Real-value transactions among a limited, named group of banks during a controlled go-live phase; transaction values are not disclosed. · Reviewed 24d ago i

Assets

Bank deposit^[5]

Banks' own tokenised deposits; the ledger records obligations between them

Networks

Swift shared ledger Private, permissioned^[4]

HSBC tokenised deposit ledger Private, permissioned^[5]

HSBC side of the first transaction was recorded on its Tokenised Deposit Service.

Use cases i

Cross-border payments^[5]Domestic payments^[7]

Jurisdictions

Global, Hong Kong, Singapore, United States, United Arab Emirates

Standards

ISO 20022^[2][1]

Participants

• SwiftPlatform provider, Operator^[4]Belgium
• ConsensysTechnology provider^[2]United States
• IBMTechnology provider^[1]United States
• HSBCClient or user^[5]United Kingdom
• Standard CharteredClient or user^[5]United Kingdom
• CitiClient or user^[6]United States
• First Abu Dhabi BankClient or user^[6]United Arab Emirates
• OCBCClient or user^[7]Singapore
• DBSClient or user^[7]Singapore
• UOBClient or user^[7]Singapore
• ANZClient or user^[4]Australia
• BNP ParibasClient or user^[4]France
• BNYClient or user^[4]United States
• FirstRandClient or user^[4]South Africa
• Itaú UnibancoClient or user^[4]Brazil
• Lloyds Banking GroupClient or user^[4]United Kingdom
• MashreqClient or user^[4]United Arab Emirates
• MUFGClient or user^[4]Japan
• UBSClient or user^[4]Switzerland
• Wells FargoClient or user^[4]United States
• Banco SantanderLegal or professional adviser^[2]Spain
• Bank of AmericaLegal or professional adviser^[2]United States
• Swift worked with more than 30 institutions on the design; two further local Singapore banks are referred to without names in OCBC's material.^[2]

Moves across networks

• viaSwift blockchain ledger (tokenised deposit orchestration)Swift shared ledger ↔ HSBC tokenised deposit ledger^[5]Swift's ledger matched and netted the obligations, which were recorded on HSBC's Tokenised Deposit Service and Standard Chartered's own tokenised-deposit infrastructure.

Metrics i

• 7 banksBanks that have transacted on the ledger · as of Sep 2026^[6]
• 17 banksNamed pilot banks · as of Jul 2026^[4]

Timeline

1. Happened 10 Sep 2026 · Scope expansion · recorded 11 Oct 2026
   DBS, OCBC and UOB complete live domestic Singapore dollar tokenised deposit payments over the ledger.^[7]
2. Happened Sep 2026 (month only) · Participant joined · recorded 11 Oct 2026
   Citi transacts with FAB and OCBC, DBS and Citi make a weekend USD payment, and seven banks have now transacted.^[6]
3. Happened 19 Aug 2026 · First transaction · recorded 11 Oct 2026
   HSBC and Standard Chartered complete the first live interbank tokenised deposit transaction on the ledger.^[5]
4. Happened 9 Jul 2026 · Launch · recorded 11 Oct 2026
   Swift declares the ledger ready for early adopters, with 17 banks on six continents preparing live pilot transactions.^[4]
5. Happened 30 Mar 2026 · Production milestone · recorded 11 Oct 2026
   Design phase complete; Swift moves to building a minimum viable product, aiming for live transactions in 2026.^[3]
6. Happened 29 Sep 2025 · Announcement · recorded 11 Oct 2026
   Swift says at Sibos it will add a blockchain-based shared ledger, starting with 24/7 cross-border payments, designed from a prototype built with Consensys and shaped with more than 30 banks.^[2]

Sources i