UBS and Mizuho Bank have executed test transactions on Swift‘s blockchain-based shared ledger.

Through this initiative, both institutions confirmed operational processes for cross-border payments using the platform.

Mizuho said the work is intended to enhance service levels for future cross-border payments using tokenised deposits.

Swift provides blockchain infrastructure for this ledger, whose minimum viable product (MVP) launched in July 2026.

It offers a framework enabling 24/7 cross-border payments with digital currencies such as tokenised deposits.

A test environment was established on the ledger, where UBS connected with Mizuho to conduct bilateral payments in two currencies, Swiss francs and Japanese yen.

These transactions confirmed how payments are processed on the ledger.

They also verified the financial message format needed and technical requirements for connecting to this platform.

Mizuho noted that efforts to strengthen payment infrastructure through blockchain technologies are gaining momentum globally.

Tokenised deposits are being explored, with pilot initiatives under way in Japan and abroad.

The bank added that it “aims to accumulate practical insights” through these tests, applying them in its further consideration of on-chain cross-border payments.

Mizuho will continue working with Swift and participating financial institutions to explore cross-border payments using tokenised deposits, as well as expansion of the ledger’s network.

Featured image: Edited by Fintech News Switzerland, based on image by saraanees98765 via Magnific.