SWIFT Advances Blockchain Cross-Border Payment Pilot, 17 Global Banks Participate in Tokenized Deposit Test

TechFlow, September 14 — Citing reports from Nikkei, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) is advancing the application of blockchain technology for international interbank transfers. Seventeen global banks, including Citigroup and Mitsubishi UFJ Bank, have launched a pilot to test instant cross-border transfers via digitized “tokenized deposits,” enabling 24-hour, 365-day-a-year transactions.

The technology aims to address issues such as slow processing speeds and high fees in traditional international transfers. If the pilot proves effective, the adoption and widespread integration of tokenized deposits among financial institutions are expected to accelerate.