Swift, the secure messaging network for global financial institutions, announced that it has partnered with BNP Paribas Securities Services, Intesa Sanpaolo, and Societe Generale – FORGE to complete a landmark digital asset interoperability trial, demonstrating a significant step toward global cross-network integration. The trial facilitated the seamless exchange and settlement of tokenised bonds while supporting payments in both fiat and digital currencies, encompassing processes such as delivery-versus-payment settlement, interest payouts, and bond redemptions with roles including paying agent, custodian, and registrar.
This marks the first demonstration of orchestrating tokenised asset transactions as a single, coordinated process bridging blockchain platforms and traditional systems. It follows a broader series of trials exploring digital asset and currency use cases, including bridging tokenised assets with existing payment systems with UBS Asset Management and Chainlink, settling payments between fiat and digital currencies with Citi, executing digital asset transactions via commercial bank accounts with Northern Trust and the Reserve Bank of Australia, and enabling ISO 20022-based blockchain interoperability with HSBC and Ant International.
With these trials complete, Swift is now focusing on integrating a blockchain-based ledger into its infrastructure to support real-time, 24/7 cross-border payments, developed in collaboration with over 30 banks globally. In a financial ecosystem where new assets and networks are proliferating, Swift aims to connect emerging digital platforms and traditional rails, addressing fragmentation caused by multiple blockchains, proprietary protocols, and isolated settlement systems. Acting as a neutral orchestrator, the network seeks to ensure institutions can transact securely and efficiently, unlocking scale and liquidity while maintaining trust and operational excellence, in line with G20 objectives for cross-border payments.
In this trial, Swift collaborated with SG-Forge, Societe Generale’s blockchain-focused subsidiary, using their digital asset and EURCV stablecoin to enable delivery-versus-payment settlement for tokenised bonds in both fiat and digital currencies, while also supporting key lifecycle events such as interest payouts and redemption. BNP Paribas Securities Services and Intesa Sanpaolo participated as paying agents and custodians, completing all settlement flows through Swift. The trial demonstrated that tokenised bonds can operate on existing financial infrastructure, simplifying blockchain complexity for institutions and advancing the adoption of digital assets.
The project also highlighted the integration of ISO 20022 messaging standards with blockchain-native platforms, ensuring secure and compliant workflows for tokenised bonds. To maintain systemic stability amid innovation, Swift submitted a proposal to the Securities Market Practice Group, introducing market practice guidelines designed to embed best practices into existing processes, streamline onboarding, and support scalable digital asset adoption by financial institutions.
Building on these trials and previous pilot initiatives, Swift is now extending its platform with a highly scalable blockchain-based shared ledger. This ledger will complement the interoperability currently offered through financial messaging and APIs, providing a shared execution layer that aligns actions, timing, and outcomes for all parties involved in digital transactions, transforming point-to-point connectivity into coordinated execution.
The Swift ledger is positioned as the foundation for the next phase of digital finance. Developed in collaboration with the global financial community, it will provide a trusted environment for institutions to transact seamlessly across networks, assets, and currencies. Without such shared infrastructure, coordinated execution of digital asset and currency transactions across platforms remains impractical, underscoring Swift’s role in shaping the future of finance.
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