Execution Flow
- Initiation: HSBC initiates the transfer using its proprietary Tokenised Deposit Service (TDS).
- Orchestration: Swift’s blockchain network validates, matches, and records the bilateral payment obligations between the two financial institutions.
- Receiving Leg: Standard Chartered accepts the message and books the corresponding deposit obligation onto its own tokenized deposit infrastructure.
- Finality: The systems complete netting before executing final settlement through established clearing channels.
Operational Highlights
- Continuous Settlement: The ledger operates 24/7/365, eliminating traditional banking cut-off times, weekend freezes, and time-zone settlement delays.
- Liquidity Management: Corporate treasuries gain direct visibility over multinational cash balances, reducing the need for trapped liquidity in pre-funded foreign accounts.
- Transaction Parameters: The institutions completed the pilot as a live commercial transaction, keeping the specific value, corridor, and currency pair confidential.
Institutional Participants
Swift launched the ledger pilot in July 2026 with 17 global banking partners. Key participating institutions include:
- HSBC
- Standard Chartered
- UBS
- Wells Fargo
- Lloyds Bank
- MUFG Bank
- OCBC
- UOB
- ANZ
- Itaú Unibanco
- Mashreq
HSBC and Standard Chartered completed the first live interbank transaction on Swift’s shared blockchain platform. The operation connects distinct commercial banking environments directly across international borders.
The two global institutions exchanged payment messages on the shared ledger without relying on single-bank networks. The Swift system acted as a secure orchestration layer, recording, matching, and netting mutual payment obligations. Final settlement occurred through established payment channels.
HSBC processed the transfer through the bank’s Tokenised Deposit Service. Standard Chartered processed the corresponding leg through internal tokenized deposit infrastructure. The transfer establishes real-time interoperability between competing institutional networks.
Swift designed the shared network to enable continuous cross-border payments without artificial cut-offs. Seventeen international banks across six continents joined the ledger initiative in July 2026. This live run marks the initial commercial execution between participating lenders.
Lewis Sun, head of digital currencies at HSBC, confirmed the transaction maintains standard regulatory compliance while enabling institutional interoperability. Mark Willis, head of emerging payments at Standard Chartered, stated the system allows institutional clients to settle transactions and manage liquidity around the clock.
