On 15th January 2026, Swift, in collaboration with BNP Paribas Securities Services, Intesa Sanpaolo, and Societe Generale – FORGE, successfully completed a groundbreaking digital asset interoperability trial. This initiative demonstrated the smooth exchange and settlement of tokenised bonds, enabling payments in fiat and digital currencies. It marks a key milestone in Swift’s efforts to enhance global interoperability in digital finance.

“This milestone demonstrates how collaboration and interoperability will shape the future of capital markets. By proving that Swift can orchestrate multi-platform tokenised asset transactions, we’re paving the way for our customers to adopt digital assets with confidence, and at scale. It’s about creating a bridge between existing finance and emerging technologies,” said Thomas Dugauquier, Tokenised Assets Product Lead at Swift.

The trial focused on key processes, such as delivery-versus-payment (DvP) settlement, interest payouts, and the redemption of tokenised bonds. It integrated roles including paying agent, custodian, and registrar into a unified process that covered both blockchain platforms and traditional financial systems.

“By collaborating with Swift, SG-FORGE foster the adoption of efficient, fast, and secure payment solutions for corporates and financial institutions, leveraging on distributed ledger technology (DLT) and EUR CoinVertible as the reference stablecoin,” quoted Jean-Marc Stenger, CEO of SG-FORGE.

This is the first demonstration of Swift’s capability to orchestrate tokenised asset transactions across multiple platforms.

Building on a series of digital asset use cases

This interoperability trial is part of Swift’s broader portfolio of digital asset and currency initiatives. 

Previous collaborations include bridging tokenised assets with existing payment systems alongside UBS Asset Management and Chainlink, settling payments between fiat and digital currencies with Citi, facilitating digital asset transactions via commercial bank accounts with Northern Trust and the Reserve Bank of Australia, and enabling ISO 20022-based blockchain interoperability with HSBC and Ant International. 

These efforts collectively lay the groundwork for scalable adoption of digital assets within the global financial ecosystem.

Addressing fragmentation in the digital asset industry

The rise of tokenisation has caused fragmentation in financial markets, resulting in multiple blockchains, proprietary protocols, and separate settlement systems that create inefficiencies and limit liquidity.

Swift’s approach as a neutral orchestrator aims to connect traditional payment systems with new digital networks using ISO 20022 and ISO 15022 messaging standards for secure, efficient, and compliant cross-network transactions.

This strategy aims to overcome the challenges posed by the proliferation of ‘digital islands’ and unlock the full potential of digital finance.

Focus on a blockchain-based shared ledger

Following these successful trials, Swift is now focused on integrating a blockchain-based shared ledger into its technology infrastructure. Developed in collaboration with over 30 global banks, this ledger will enable real-time, 24/7 cross-border payments and provide a trusted, shared execution layer. 

The ledger aligns actions, timing, and outcomes for all parties in digital transactions, ensuring coordinated execution instead of simple point-to-point connections.

To maintain systemic stability amid innovation, Swift has proposed new market practice guidelines to the Securities Market Practice Group (SMPG). These guidelines aim to embed best practices into established workflows, reducing onboarding complexity and supporting secure, scalable adoption of digital assets by financial institutions.

Shaping the future of digital finance

Swift’s digital asset interoperability trials have proven its ability to securely facilitate tokenised asset and currency transactions using existing infrastructure. The new shared ledger will extend these capabilities, providing execution assurance and transforming point-to-point connectivity into coordinated, reliable digital finance operations.

This initiative also supports G20 goals for cross-border payments and is essential for creating a more efficient global financial system.