Banks Need Their Own Digital Asset Infrastructure to Join Swift’s Blockchain Ledger

Swift’s blockchain ledger may be ready for live payments, but banks can’t simply switch it on. Lamine Brahimi, co-founder and managing partner of custody and tokenization firm Taurus, says a bank first needs its own permissioned ledger that connects to Swift’s, along with wallets and tokenization and smart contract tools. The network doesn’t replace a bank’s core systems. It coordinates round-the-clock cross-border movement of tokenized deposits, while final settlement stays on existing channels.

Early Results From the 24/7 Network

In July, Swift said 17 banks were preparing live tokenized-deposit transfers, a first step away from a messaging system that has run global finance since the 1970s and still carries up to $1.5 quadrillion a year. HSBC and Standard Chartered completed the first live interbank deal in August. DBS and Citi later sent a weekend dollar payment abroad in minutes instead of two business days.

Why Taurus Supports Swift’s Approach

Brahimi doesn’t see the added technology as a flaw. He calls the ledger an early product that gives banks a choice, and says Taurus offers all three layers on one platform while rivals may require several vendors. Before Swift’s announcement, tokenized deposits were barely used outside giants like JPMorgan, and Swift’s model keeps deposits on bank balance sheets, unlike outside stablecoins.