Driving innovation together: Swift and HSBC on blockchain and 24/7 payments
During Sibos 2025, we announced a landmark initiative: that we’ll be adding a blockchain-based shared ledger to our infrastructure stack. This step extends our trusted platform into the digital era, enabling instant, always-on cross-border transactions and accelerating the industry’s transition to digital finance.
In this Sibos TV session, Thierry Chilosi, Chief Business Officer at Swift, and Manish Kohli, Global Head of Payments at HSBC, explored what this means for the future of payments and why collaboration is key.
Driving innovation together: Swift and HSBC on blockchain and 24/7 payments
Why it matters: solving fragmentation with blockchain and tokenisation
Tokenisation has gone mainstream. Financial institutions are investing heavily in digital assets, but today’s landscape is fragmented, with multiple networks and forms of value. Our blockchain-based ledger aims to solve this by supporting interoperability across ecosystems – a natural extension of our role connecting 11,500 institutions globally. There’s already strong momentum behind the initiative, with more than 40 financial institutions working together to help make 24/7 cross-border payments a reality.
HSBC’s role: driving global adoption of tokenised deposits
HSBC has already launched tokenised deposits across Hong Kong, Singapore, Luxembourg, and the UK, connecting markets and currencies on a 24/7 basis. By combining blockchain capabilities with the resilience of fiat infrastructure, HSBC is helping clients optimise liquidity and treasury operations. But as Manish explains, proprietary solutions don't move easily across banks. For this reason, we're designing the ledger to interoperate with existing and emerging systems to help digital finance scale efficiently.
"The time now is right because now we have the right legislative framework in many markets, we have the right intensity, we have the right focus from our customers who are keen and there's a willingness to adopt new technology”
What’s next: building a global blockchain infrastructure for payments
We’re working to develop a prototype and define governance for a bank-grade infrastructure. The initiative will engage global banks and central banks to ensure compliance and scalability, with the first phase focused on real-time, 24/7 cross-border payments.
Momentum is building, and the commitment is clear: deliver the prototype at pace and create a truly global solution.
Watch the full Sibos TV session to learn how we’re working with HSBC to shape the future of payments.
Building the digital payment stack of the future
We’re working with 40+ financial institutions to add a blockchain-based ledger to our infrastructure stack.