Swift launches 24/7 tokenized deposit payments with 17 global banks
- Tokenization Insight
- 6 days ago
- 2 min read
Swift launches 24/7 tokenized deposit payments with 17 global banks.
17 banks from around the world, including HSBC, Citi, and Standard Chartered, are preparing for first transactions are preparing to pilot live transactions using tokenized deposits on SWIFT's new blockchain.
SWIFT's ledger enables banks to move customer funds outside traditional banking hours, including nights and weekends,while final settlement continues to take place through existing payment infrastructure.
➡️ Why this matters
Tokenized bank deposits, pioneered by JPMorgan, have emerged as the leading form of digital cash for corporate treasury and liquidity management.
Unlike stablecoins, tokenized deposits operate within existing banking relationships, regulatory frameworks and balance sheets while enabling 24/7 movement of money.
However, one major limitation has remained: interoperability.
Today, tokenized deposits are largely confined within each bank's own network.
For example, an HSBC corporate client can move tokenized HKD between its HSBC accounts across different jurisdictions, but it cannot seamlessly transfer those funds to a Standard Chartered customer.
➡️ What SWIFT changes
SWIFT already connects more than 11,500 financial institutions worldwide and provides the common messaging standards underpinning global payments.
Its new ledger has the potential to become the interoperability layer for tokenized deposits, allowing banks to exchange value across different tokenized deposit networks while continuing to settle through existing payment rails.
In effect, SWIFT could become the clearing layer for tokenized deposits—connecting previously siloed bank-issued digital cash systems into a single interoperable network.
If successful, this would mark one of the biggest steps yet toward making tokenized deposits a truly global payment infrastructure.
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