"HSBC's interoperability transaction with Standard Chartered via SWIFT is a landmark moment for the promise of tokenised deposits," said HSBC exec.
The transaction connected the banks’ separate tokenized deposit systems through Swift’s ledger, marking a step toward interoperable, 24/7 cross-border payments.
Swift’s ledger matched and netted obligations recorded on the banks’ separate platforms, but final settlement still ran through existing systems.
This milestone in blockchain banking could revolutionize global finance by enabling seamless, 24/7 cross-border transactions.