Swift, the global financial messaging network that connects banks around the world, has announced that its blockchain-based ledger is first available for use. The new infrastructure will enable banks to process cross-border payments via tokenized deposits 24 hours a day, including nights and weekends.
17 financial institutions across six continents are preparing to test live trading. These include HSBC, a global banking and financial services group, BNP Paribas, one of Europe’s largest banking groups, Citi, an international banking company, UBS, a Swiss wealth management and investment bank, and Wells Fargo, one of the largest banks in the United States. They use a shared ledger to transfer tokenized deposits between banks while completing final settlement through existing payment systems.
The ledger was developed in nine months with input from financial institutions and is the first product built on Swift’s new blockchain.
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