SWIFT Launches Cross-Border Tokenized Deposit Payment Pilot with 17 Banks

SWIFT has initiated a pilot project in collaboration with 17 major financial institutions, including Citi, Mitsubishi UFJ (MUFG), Wells Fargo, BNY Mellon, UBS, and BNP Paribas, to test cross-border payments using tokenized deposits. According to reports, the initiative aims to enable 24/7 instant transfers between different banks while reducing the costs associated with cross-border transactions.