Swift rolls out new blockchain ledger to bring 24/7 banking to 17 global giants
HSBC, UBS, Wells Fargo and Citi are among the 17 banks now preparing to pilot live transactions using tokenized digital assets on Swift’s new blockchain payments platform....
Key takeaways
- 1Swift is piloting blockchain-based payments with 17 major banks including HSBC, UBS, Wells Fargo, and Citi for 24/7 cross-border transactions.
- 2The new ledger supports tokenized deposits and digital assets across multiple blockchains while maintaining final settlement through existing payment systems.
- 3Swift's system extends regulated digital money capabilities to always-on payments, with 75% of current payments reaching beneficiary banks within 10 minutes.
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Why it matters
This infrastructure advancement brings blockchain-based payments closer to mainstream banking adoption in India, where cross-border remittances and settlement speed are critical for retail investors and businesses. The involvement of global banking giants signals regulatory acceptance of tokenized assets, potentially accelerating crypto integration into traditional finance and opening new investment opportunities.
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