Swift Completes Tokenized Asset Trial With BNP Paribas

Swift said it has concluded a digital assets interoperability trial with a trio of banks.

The global messaging platform said this effort—conducted in collaboration with BNP Paribas Securities Services, Intesa Sanpaolo and Societe Generale’s SG Forge—allowed for “the seamless exchange and settlement” of tokenized bonds, while supporting payments in both fiat and digital currencies.

According to a Thursday (Jan. 15) news release, this marks the first time Swift has shown its ability to orchestrate tokenized asset transactions as a single, coordinated process using both blockchain platforms and traditional systems.

“This milestone demonstrates how collaboration and interoperability will shape the future of capital markets,” said Thomas Dugauquier, Swift’s tokenized assets product lead. “By proving that Swift can orchestrate multi-platform tokenised asset transactions, we’re paving the way for our members to adopt digital assets with confidence, and at scale.”

For this trial, Swift worked with SG-Forge, Societe Generale’s blockchain-focused subsidiary, employing their digital asset and EURCV stablecoin to “enable DvP settlement for tokenised bonds using both fiat currency and stablecoins, as well as supporting key lifecycle events such as interest pay-outs and redemption,” the release added.

BNP Paribas Securities Services and Intesa Sanpaolo each acted as paying agents and custodians for the tokenized bond transactions. In using Swift, the release noted, the trial illustrated the way tokenized bonds can leverage existing infrastructure, protecting financial institutions from blockchain complexity and accelerating digital asset market adoption.

This initiative also “showcased the integration of ISO 20022 messaging standards with blockchain-native platforms, facilitating secure and compliant workflows for tokenised bonds,” the release said.

Swift added that this effort is part of a larger series of digital asset and currency projects, including connecting tokenized assets with existing payment systems with UBS Asset Management and Chainlink and enabling ISO 20022-based blockchain interoperability on its network with HSBC and Ant International.

“With this series of successful trials now completed, we’re now focused on adding a blockchain-based ledger to our technology infrastructure. The ledger will initially focus on enabling real-time, 24/7 cross-border payments, designed in collaboration with over 30 banks worldwide,” Swift said in the release.

Writing about Swift’s blockchain efforts last year, PYMNTS said the organization’s work “highlights that a growing emphasis on data richness and intelligibility across the marketplace is beginning to alter the economics and effectiveness of cross-border payments.”