IBM Integrates with Swift's Blockchain for Tokenized Deposits
IBM has integrated its Digital Asset Haven platform with Swift’s blockchain-based shared ledger, enabling banks to conduct tokenized deposit transactions while maintaining control over their assets. The initiative involves 17 major global financial institutions such as BNY Mellon, Citi, HSBC, UBS, and Wells Fargo. Two key updates were announced on September 24: an ISO 20022 Messaging Adapter for seamless transaction instructions using existing payment formats, and a new on-premises version of the platform that operates entirely within clients' IBM Z or LinuxONE hardware. The Swift blockchain was developed over nine months with input from Consensys and is now being piloted by banks including ANZ, BNP Paribas, DBS, MUFG, Standard Chartered, and Lloyds. The on-premises update allows for in-house security using IBM's Crypto Express hardware modules, addressing regulatory compliance concerns. This development aligns with broader industry efforts to modernize payment infrastructure, as 93% of financial institutions are reportedly upgrading their systems.
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Topics: blockchain financial institutions IBM Swift tokenized assets