SWIFT’s Blockchain Ledger Goes Live, but Old Bottlenecks Persist
The post SWIFT’s Blockchain Ledger Goes Live, but Old Bottlenecks Persist appeared on BitcoinEthereumNews.com. SWIFT’s blockchain-based shared ledger has moved from testing to live deployment. Seventeen major banks are now preparing to process real transactions using tokenized deposits, though the system still leans on SWIFT’s older infrastructure to finish each transfer. Citi, HSBC, UBS, and 14 other banks across six continents will run pilot transfers. Their tokenized transfers speed up liquidity movement, but final settlement still passes through existing correspondent banking rails afterward. Banks Prepare Tokenized Deposit Pilots The shared ledger works as an orchestration layer, not a settlement replacement. Banks issue tokenized deposits on their own systems. They use SWIFT’s infrastructure to move funds for customers around the clock, including overnight and weekends. However, the underlying money only becomes final once it clears through SWIFT’s traditional messaging network.