SWIFT Says Its Blockchain Ledger Is Ready for Initial Use as 17 Institutions Test Tokenised Deposits

SWIFT said its blockchain-based distributed ledger is ready for initial application, with 17 global financial institutions set to test tokenised deposit transactions focused on cross-border payments. According to NS3.AI, SWIFT said the initial use case will center on cross-border payments and aims to support tokenised deposit transfers. SWIFT said the ledger is designed to coordinate round-the-clock transfers ahead of final settlement, which would still occur through existing clearing systems. SWIFT added that tokenised deposits were selected for the first tests because they represent a regulated digital form of commercial bank money.