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Global payments infrastructure continues to edge closer to blockchain rails. Swift just tested how tokenized bonds could move across both distributed ledgers and traditional financial systems without breaking settlement workflows.
Good to Know
Swift confirmed completion of a major pilot focused on exchanging and settling tokenized bonds. The international payments network coordinated transactions across blockchain platforms and existing financial infrastructure, bringing both environments into a single workflow.
More than 11,000 banks and financial institutions rely on Swift messaging, making the test a key signal for how tokenized assets may fit into mainstream finance. The trial involved BNP Paribas Securities Services, Intesa Sanpaolo, and FORGE, the blockchain subsidiary of Societe Generale.
The pilot centered on delivery versus payment settlement, along with interest payouts and bond redemptions. Swift integrated ISO 20022 messaging standards directly with blockchain systems, allowing secure coordination across networks.
“By proving that Swift can orchestrate multi-platform tokenized asset transactions, we’re paving the way for our members to adopt digital assets with confidence, and at scale. It’s about creating a bridge between traditional and emerging technologies.”
The test supported payments in both fiat and digital currencies, including the EURCV stablecoin issued by FORGE. BNP Paribas and Intesa Sanpaolo acted as custodians and paying agents during the process.
Swift positioned the work as part of a wider tokenization push. Other efforts include collaborations with UBS Asset Management, Chainlink, Citi, Northern Trust, the Reserve Bank of Australia, HSBC, and Ant International.
Next, Swift plans to introduce a blockchain based ledger for always-on cross border payments, developed alongside more than 30 banking partners