SWIFT Launches Tokenized Deposit Cross-Border Payment Pilot with 17 Banks Including Citigroup, Mitsubishi UFJ, and Others

Tapbit news September 14 news, according to Nikkei, SWIFT, which handles international interbank transfer services, has launched a pilot project in collaboration with 17 banks including Citigroup, Mitsubishi UFJ, Wells Fargo, BNY Mellon, UBS, and BNP Paribas to test tokenized deposit cross-border payments. The goal is to achieve 24/7 instant transfers between different banks and reduce cross-border payment costs.