Standard Chartered and HSBC have completed a live tokenised deposit transaction on Swift’s blockchain-based ledger as they explore 24/7 cross-border payments.

The banks described it as the first live interbank transaction completed on the ledger.

They exchanged payment messages through Swift’s ledger and recorded the resulting obligations on their respective tokenised deposit systems.

Swift’s ledger enabled the obligations to be matched and netted before final settlement took place through existing systems.

The transaction follows Swift’s announcement in July 2026 that its ledger was ready for initial use.

Seventeen banks across six continents are preparing to pilot tokenised deposits through the network.

Lewis Sun, Head of Digital Currencies at HSBC, said,

“HSBC’s interoperability transaction with Standard Chartered via Swift is a landmark moment for the promise of tokenised deposits.

It demonstrates how digital money issued by banks can be interoperable across institutions while maintaining the integrity and regulatory oversight of the existing financial ecosystem. Tokenised deposit interoperability underscores how we can bring together different infrastructures to benefit our clients.”

Mark Willis, Head of Emerging Payments, Transaction Services and Digital Assets at Standard Chartered, said,

“Tokenised deposits are a key pillar of Standard Chartered’s digital assets strategy which aims to build end-to-end solutions that enable our clients to transact, settle and manage tokenised liquidity and value across borders.

We are pleased to partner with HSBC on executing the first live transaction on Swift’s blockchain-based ledger marking an important step towards more seamless, always-on financial services.”

The transaction forms part of wider industry efforts to use distributed ledger technology for payments while preserving the role of regulated bank money.

Featured image: Edited by Fintech News Switzerland, based on image by DC Studio via Magnific