YEREVAN, July 9. /ARKA/. The international interbank financial messaging system SWIFT has announced that its blockchain registry is ready for practical use for the first time.
Seventeen international banks will participate in the pilot project, according to Frank Media.
The new technology will allow project participants to conduct cross-border payments in a 24/7 mode using tokenized deposits, while final settlements will be made through the existing payment infrastructure.
The pilot launch includes ANZ, BNP Paribas, BNY, Citi, DBS, First Abu Dhabi Bank (FAB), FirstRand Bank, HSBC, Itaú Unibanco, Lloyds Bank, Mashreq, MUFG Bank, OCBC, Standard Chartered, UBS, UOB, and Wells Fargo.
SWIFT believes that the participation of such a number of banks indicates a high interest from the financial sector in the new technology.
SWIFT announced the development of its own blockchain platform in September 2025. According to the Financial Times, the project was a response to the increasing competition between traditional payment systems and the cryptocurrency industry.
According to Reuters, SWIFT expects that the use of blockchain technology will modernize the payment infrastructure while maintaining a high level of reliability, regulatory compliance, and control necessary for traditional banks. The company also plans to ensure compatibility of its system with platforms for stablecoins, tokenized deposits, and central bank digital currencies (CBDC), including projects from China and the European Central Bank.
