Swift launches blockchain ledger for tokenized deposit pilot with 17 banks
The Block2h agoUpdated 1h ago
Smart Read
Swift launched a blockchain-based ledger that enables 17 banks to pilot 24/7 cross-border payments using tokenized deposits....
Key takeaways
- 1Swift launched a blockchain ledger enabling 17 banks to pilot tokenized deposits for cross-border payments.
- 2The platform operates 24/7, removing traditional banking hours limitations for international transactions.
- 3Tokenized deposits allow banks to settle transactions instantly without intermediaries or multiple conversion steps.
Why it matters
This development could accelerate India's adoption of blockchain-based settlement infrastructure and reduce costs for Indian banks participating in cross-border trade, particularly with Southeast Asia and developed markets.
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