International payments network SWIFT is accelerating efforts to build next-generation payment infrastructure using tokenised deposits by shifting a blockchain-based shared ledger into an initial operating phase.

CoinPost reported on Thursday that SWIFT has moved the shared ledger into live operations and is preparing a real-transaction pilot with 17 global banks across six continents using tokenised deposits. The goal is to complete real transactions in the second half of 2026.

The shared ledger is structured to connect tokenised deposits issued by participating banks in their own systems on a single common foundation. The core is to build an environment that enables fund transfers 24 hours a day, 365 days a year, including weekends and late nights, through tokenised deposits while continuing to use the existing SWIFT network. Final settlement uses existing financial systems to maintain stability while combining the advantages of digital asset-based payments.

SWIFT has continued discussions with global financial institutions since disclosing its plan to develop the shared ledger last year, entering the initial operating phase in about 9 months. After moving to a minimum viable product stage in March, it has advanced to preparing real transactions. This is seen as progress toward commercialisation beyond simple technical verification.

The company plans to expand functions and participation sequentially after a limited initial operation. The project focuses in particular on naturally linking tokenised deposit-based payments while maintaining existing financial networks.

Thierry Chilosi (티에리 시로시), SWIFT's chief business officer, said the shared ledger can extend the trust and stability of existing financial systems into the realm of digital money. He said strong interest from the banking sector shows the practicality of the technology, and explained it could become foundational infrastructure for programmable money and AI-based autonomous commerce.

Participating banks also expressed expectations. Manish Kohli (마니시 코흘리), global head of HSBC payment solutions, called linking tokenised deposits to SWIFT's new infrastructure an important milestone in cross-border payment innovation.

Masahiro Matsumoto (마쓰모토 마사히로), a senior fellow and head of global transaction banking at Mitsubishi UFJ Bank (MUFG), said tokenised deposits and distributed ledger technology (DLT) can improve efficiency and transparency in international remittances and liquidity management. He added he would seek ways to integrate the technology into existing financial systems in a safe and scalable manner while verifying it through real transactions.

The project is also seen as an example showing that the global banking sector's tokenisation race is moving beyond proof of concept into actual operations. SWIFT chose a practical approach that keeps existing payment networks while accommodating demand for digital asset-based financial services.

The International Monetary Fund has also recently focused on the growth potential of tokenised finance. In a report released on July 2, the IMF said tokenisation could change the structure of financial systems and presented three types of digital payment assets: tokenised bank deposits, stablecoins and tokenised reserves. It also analysed that depending on institutional design, it could promote financial integration or deepen market fragmentation.

The market views SWIFT's shared ledger project as a key test case for how tokenised payments will take hold within existing banking systems. Key points to watch are whether the 17-bank pilot leads to actual commercial transactions and which functions will be expanded first during the limited operating phase.