Swift and 17 Major Banks Make Blockchain Move: Banking Business Hours Are Becoming a Thing of the Past

Global payment network Swift, in collaboration with 17 major banks, is launching tests for 24/7 seamless cross-border payments via a new blockchain-based ledger.

The financial giant Swift has taken a massive step toward merging traditional banking systems with the speed of digital assets. A group of 17 global financial powerhouses, including Citi, HSBC, Wells Fargo, and UBS, is preparing to test a new system that will conduct cross-border transactions 24/7 using tokenized deposits. Spanning six continents, this collaboration aims to eliminate the concept of business hours in the banking sector.

This new technology enables banks to transfer funds for their customers even at night or on weekends. By allowing transactions without being restricted by the operating hours of existing systems, this blockchain-based structure still performs final settlement through current payment channels. With this move, Swift blends the reliability of traditional finance with the borderless nature of digital money.

The Era of Tokenization in Banking Begins

Tokenized deposits are defined as digital versions of commercial bank money. This shared ledger developed by Swift provides a secure layer for these digital assets issued by banks within their own systems. Thus, the rapid transfer capabilities offered by stablecoin issuers gain a corporate structure under the regulatory supervision and risk controls of banks.

Today, 75 percent of payments on the Swift network already reach their destination in as little as 10 minutes. However, the new system aims to revolutionize the banking sector by combining this speed with “anytime availability.” This massive network used by more than 11,500 financial institutions is building a bridge to the future of digital money by integrating blockchain technology into existing systems rather than replacing them.