SWIFT and 17 banks launch tokenized deposit pilot for cross-border payments
- —Seventeen banks are in the pilot, including Citigroup, MUFG, Wells Fargo, BNY Mellon, UBS and BNP Paribas
- —Tokenized deposits are being tested for cross-border transfers
- —The goal is 24/7 transfers between banks and lower costs
Why it matters: Major banks are testing blockchain settlement on SWIFT's infrastructure, which could accelerate the adoption of tokenized deposits in global payments.
Source: PANews