Introduction

Swift's blockchain-based shared ledger is live, processing real cross-border transactions. However, banks still need to do some building of their own before they can use it.

The Need for Internal Blockchain Layers

Taurus, a Geneva-based digital asset infrastructure provider, says financial institutions need dedicated internal blockchain layers to connect safely to Swift's new shared ledger. Specifically, it points to permissioned Hyperledger Besu nodes as the piece that sits between a bank and the network.

Control and Ownership

Lamine Brahimi, co-founder and Managing Partner of Taurus, framed the issue around control. In his view, banks should keep ownership of their own infrastructure while still gaining access to tokenized deposits and round-the-clock cross-border payments.

Swift's Ledger and Tokenized Deposits

Swift's blockchain-based shared ledger acts as an orchestration layer for tokenized deposits. It coordinates who owes what and moves digital representations of bank money around the clock, without replacing the systems that actually finalize payments.

Early Adoption and Pilot Banks

Standard Chartered and HSBC executed the first live cross-border transaction on the ledger in October 2026. The ledger went live in July 2026 with 17 pilot banks spread across six continents.

The Path Forward

Banks and infrastructure providers must consider the need for secure, compliant ways to connect, manage keys, run nodes, and integrate with existing core systems. A model where the bank runs its own permissioned node, even if a vendor manages it, keeps the bank closer to the infrastructure than a pure third-party connection would.