Swift completes digital asset interoperability trial
15 January 2026 Belgium
Image: Pheniti/stock.adobe.com
In collaboration with BNP Paribas’ Securities Services, Intesa Sanpaolo, and Societe Generale - FORGE, Swift has announced the completion of a digital asset interoperability trial, enabling the exchange and settlement of tokenised bonds, in conjunction with the support of payments in fiat and digital currencies.
The trial was predominantly focused on delivery-versus-payment (DvP) settlement, interest payouts, and the redemption of tokenised bonds, with this being Swift’s first demonstration of its ability to orchestrate tokenised asset transactions in a single process across both blockchain platforms and traditional systems.
SG-Forge, Societe Generale’s blockchain-focused subsidiary, was utilised for its digital asset and EURCV stablecoin, enabling DvP settlement for tokenised bonds using fiat currency and stablecoins, in addition to supporting lifecycle events such as interest payouts and redemption.
Meanwhile, BNP Paribas’ Securities Services and Intesa Sanpaolo acted as both paying agents and custodians for the tokenised bond transactions, with the trial said to prove that tokenised bonds are capable of leveraging existing infrastructure through the successful completion of all settlement flows over Swift.
The successful completion of the trial, in addition to previously conducted trials, has led Swift to focus its efforts on the addition of a blockchain-based layer to its technology infrastructure, intended to enable real-time, 24/7 cross-border payments, and designed collaboratively with over 30 banks globally.
Swift also aims to connect existing rails with arising digital ecosystems, acting as a neutral orchestrator, affording institutions the ability to transact securely and efficiently across networks.
Additionally, the trial leveraged the ISO 20022 and ISO 15022 standards, allowing for scalability, with the latter showcasing its messaging standards with blockchain-native platforms, in addition to the facilitation of secure and compliant workflows for tokenised bonds.
Commenting on the trial, Thomas Dugauquier, tokenised assets product lead at Swift, says: “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.”
Additionally, Swift has submitted a proposal for new market practice guidelines, developed as part of the trial, to the Securities Market Practice Group, which proposes the embedding of best practices into established workflows, in a bid to reduce onboarding complexity and support the adoption of digital assets by financial institutions.
The trial was predominantly focused on delivery-versus-payment (DvP) settlement, interest payouts, and the redemption of tokenised bonds, with this being Swift’s first demonstration of its ability to orchestrate tokenised asset transactions in a single process across both blockchain platforms and traditional systems.
SG-Forge, Societe Generale’s blockchain-focused subsidiary, was utilised for its digital asset and EURCV stablecoin, enabling DvP settlement for tokenised bonds using fiat currency and stablecoins, in addition to supporting lifecycle events such as interest payouts and redemption.
Meanwhile, BNP Paribas’ Securities Services and Intesa Sanpaolo acted as both paying agents and custodians for the tokenised bond transactions, with the trial said to prove that tokenised bonds are capable of leveraging existing infrastructure through the successful completion of all settlement flows over Swift.
The successful completion of the trial, in addition to previously conducted trials, has led Swift to focus its efforts on the addition of a blockchain-based layer to its technology infrastructure, intended to enable real-time, 24/7 cross-border payments, and designed collaboratively with over 30 banks globally.
Swift also aims to connect existing rails with arising digital ecosystems, acting as a neutral orchestrator, affording institutions the ability to transact securely and efficiently across networks.
Additionally, the trial leveraged the ISO 20022 and ISO 15022 standards, allowing for scalability, with the latter showcasing its messaging standards with blockchain-native platforms, in addition to the facilitation of secure and compliant workflows for tokenised bonds.
Commenting on the trial, Thomas Dugauquier, tokenised assets product lead at Swift, says: “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.”
Additionally, Swift has submitted a proposal for new market practice guidelines, developed as part of the trial, to the Securities Market Practice Group, which proposes the embedding of best practices into established workflows, in a bid to reduce onboarding complexity and support the adoption of digital assets by financial institutions.
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