The transaction used Swift’s new ledger to link tokenized deposit systems, enabling 24/7 interoperable settlements between banks.
HSBC and Standard Chartered executed the first live cross-border transaction on Swift’s blockchain-based ledger, connecting their tokenized deposit systems. The payment was recorded on both banks’ infrastructures, with Swift’s ledger acting as an orchestration layer for matching and netting obligations before final settlement via existing systems.
The transaction follows Swift’s July announcement that its ledger was ready for pilot use, with 17 global banks, including Citi, BNP Paribas, and UBS, preparing to test tokenized deposits. The system aims to facilitate 24/7 cross-border payments while maintaining current compliance and risk controls.
Swift’s ledger is designed to bridge disparate bank infrastructures, allowing seamless interoperability without disrupting established settlement processes.