HSBC and BNP Paribas test tokenised FX deposits via Swift

HSBC and BNP Paribas have completed the first live foreign exchange (FX) cross-border tokenised deposit transaction using Swift’s blockchain-based ledger. The test involved German industrial group Siemens moving funds from its euro account at BNP Paribas in France to its sterling account at HSBC in the UK, marking a milestone for tokenised deposits in corporate treasury operations.

The transaction demonstrates how Swift’s shared ledger could integrate fragmented tokenised deposit systems (TDS) across banks. Previously, such systems operated in isolated environments, forcing corporate clients to handle separate ecosystems for cross-border payments. Swift’s ledger acts as a neutral orchestrator, connecting these systems without requiring new infrastructure from banks or clients.

Pierre Fersztand, Global Head of Cash Management at BNP Paribas, called the achievement a “significant milestone” in cross-border payments. The bank emphasized its collaboration with Swift to industrialize digital finance at scale, aiming to deliver faster, more transparent transactions for corporate clients.

While individual banks have advanced tokenised deposit pilots, such as HSBC’s UK Finance initiative for sterling deposits and BNP Paribas’ European efforts, the lack of interoperability between isolated ledgers has limited their efficiency. Swift’s solution eliminates the need for point-to-point integrations, instead providing a universal routing mechanism for tokenised value. This design preserves compatibility with traditional payment rails while enabling 24/7 digital transactions.

The development follows a rapid evolution of Swift’s blockchain-based ledger, which transitioned from concept to a live Minimum Viable Product (MVP) in under two years. Key milestones include:

• Early 2025: Banks committed to live trials on the Swift network.
• September 2025: Swift announced concrete plans for the shared ledger.
• March 2026: Completion of the ledger’s design phase.
• July 2026: The ledger was declared ready for use.
• August 2026: HSBC and Standard Chartered completed the first interbank cross-border transaction.
• September 2026: BNP Paribas and HSBC executed the first live corporate treasury cross-border payment.

Thierry Chilosi, Chief Business Officer for Swift, framed the ledger as an extension of traditional finance into digital assets. He noted that the technology maintains “the same high levels of resiliency, security, and compliance” expected in global banking.