Standard Chartered and HSBC have completed the first interbank transaction executed on Swift's blockchain-based ledger, Standard Chartered said in a Wednesday (Aug. 19) press release.
The live cross-border transaction demonstrated interbank operability and helped advance industry progress on 24/7 cross-border payments, according to the release. It marked a milestone in the use of tokenized deposits by regulated financial institutions to issue, transfer, record and settle tokenized deposits through Swift's blockchain-based ledger, the release said.
During the transaction, HSBC and Standard Chartered used Swift's ledger to exchange payment messages, with the resulting obligations settled through the tokenized deposit process.
For more details, see the original report.
