SWIFT launches blockchain ledger with 17-bank tokenized deposit pilot

SWIFT has launched a new blockchain ledger to host a tokenized bank deposit pilot involving 17 major banks. This initiative aims to facilitate faster cross-border payments and improve real-time coordination. By utilizing this blockchain technology, the pilot seeks to potentially accelerate the adoption of tokenization within the financial industry. The project focuses on revolutionizing international payment systems through the integration of tokenized deposits across the participating global banking institutions to enhance overall efficiency.