Swift Blockchain Payments Pilot Transforms Cross-Border Transfers
The post Swift Blockchain Payments Pilot Transforms Cross-Border Transfers appeared on BitcoinEthereumNews.com. For decades, cross-border banking has run on a system that closes at weekends, freezes overnight, and sometimes takes days to settle. SWIFT’s new blockchain payments infrastructure is a direct challenge to that model — and 17 of the world’s biggest banks are already lined up to test it. Key takeaways SWIFT has launched a blockchain-based ledger for a tokenized bank deposit pilot involving 17 major global banks, including HSBC, Citi, BNP Paribas, UBS, ANZ, DBS, and Standard Chartered. The ledger enables 24/7 cross-border payments, including overnight and weekend transactions — a break from traditional banking settlement windows. The system reached initial readiness after nine months of development and preserves existing compliance, credit, risk, and control standards. SWIFT’s messaging network already connects over 11,500 banks in more than 200 countries, giving this pilot an