Swift Pilots Blockchain-Based Tokenized Deposits with 17 Global Banks

Swift is testing 24/7 tokenized deposit payments using a shared ledger built on the Ethereum L2 network Linea. The pilot involves 17 major global financial institutions, including ANZ, BNP Paribas, BNY Mellon, Citi, HSBC, Standard Chartered, UBS, MUFG, and Wells Fargo. While final settlement currently remains on existing payment rails, the project aims to determine if blockchain technology can support the scale and reliability required for Swift's $1.5 quadrillion annual transaction volume.