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The world's dominant interbank messaging network has moved from talking about blockchain to running it.
SWIFT has launched a new blockchain ledger to host a tokenized bank deposit pilot, with 17 major banks signed on to test faster cross-border payment rails.
What SWIFT is actually building The ledger is designed to host tokenized deposits, a format that converts commercial bank money into a digital token that can settle across borders without the queues and cut-off times that define conventional correspondent banking.
Seventeen banks are in the pilot.
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