BIG: Swift unveiled a blockchain-based system for 24/7 cross-border payments, with 17 global banks preparing to pilot live transactions using tokenized deposits.

What happened

Swift announced a new blockchain-based platform that will enable 24‑hour cross‑border payments, and 17 international banks have agreed to pilot live transactions using tokenized deposits on the system.

Confirmed

Global impact / market context

By moving payments onto a blockchain, banks can settle transfers in minutes instead of days, which reduces the time money is tied up (liquidity means how quickly assets can be turned into cash) and cuts processing costs, helping businesses and consumers.

Analyst inference

Current cross‑border payment networks operate mainly during business hours and often require multiple intermediaries, which slows transactions and adds fees; there is growing demand for continuous, low‑cost settlement solutions driven by digital commerce.

Analyst inference

What to watch

1. The speed and reliability of the pilot’s live transactions, which will indicate whether tokenized deposits can consistently replace traditional correspondent banking methods. Analyst inference
2. Regulatory responses in key jurisdictions, as authorities may need to clarify rules for blockchain‑based settlement and tokenized assets used in cross‑border payments. Analyst inference
3. Adoption by additional banks or payment providers beyond the initial 17, which would signal broader industry confidence and potential scaling of the Swift blockchain network. Analyst inference

Evidence

• x.com