SWIFT tests cross-border payments for tokenized deposits with 17 banks

According to a report by Nikkei, SWIFT has launched a pilot project in collaboration with 17 banks, including Citi, Mitsubishi UFJ, Wells Fargo, BNY Mellon, UBS, and BNP Paribas. The initiative aims to test cross-border payments using tokenized deposits, with the goal of enabling 24/7 instant transfers between banks and reducing overall payment costs.