SWIFT Launches Blockchain, Announces Tokenized Deposit Pilot with 17 Banks
The post SWIFT Launches Blockchain, Announces Tokenized Deposit Pilot with 17 Banks appeared on BitcoinEthereumNews.com. The world’s largest financial messaging network, SWIFT, said its blockchain-based ledger is ready for initial use after nine months of development. Seventeen major banks, including HSBC, Citi, BNP Paribas, UBS, ANZ, DBS and Standard Chartered, are preparing to pilot cross-border payments using tokenized bank deposits on the new ledger, SWIFT announced on Thursday. The ledger will enable participating banks to support 24/7 cross-border payments, including overnight and weekend transactions, while maintaining existing compliance, credit, risk and control standards embedded in current payment processing. The launch marks another step in banks’ efforts to use tokenized deposits within regulated financial infrastructure while extending payment availability beyond traditional banking hours. SWIFT said it plans to expand the ledger’s functionality and availability after th