BNP Paribas and HSBC have completed the first corporate treasury payment using Swift's blockchain-based shared ledger, marking a significant step in efforts to bring distributed ledger technology into mainstream cross-border banking. The pilot transaction was conducted for Siemens and tested whether blockchain infrastructure could facilitate transfers across separate banking systems while allowing corporate customers to retain the use of commercial bank money.

The transaction moved funds from Siemens' euro account held with BNP Paribas in France to its sterling account with HSBC in the United Kingdom. The cross-border payment demonstrated how a blockchain-based ledger can support transfers between different currencies and banking institutions while connecting to existing commercial banking infrastructure. It represents the first corporate treasury payment completed through Swift's blockchain-based shared ledger and shows the platform's potential to connect commercial bank money across different banking systems.

Swift Builds Blockchain Infrastructure for Global Payments

Swift, the global network used by financial institutions to facilitate cross-border payments, launched its blockchain-based shared ledger in September 2025. The platform completed its design phase in March 2026 and is intended to provide a common infrastructure for interbank payments using blockchain technology and tokenized deposits. The initiative matters partly because of Swift's reach: its messaging network connects more than 11,000 financial institutions across over 200 countries and territories, making any infrastructure it develops a potential channel for blockchain-based settlement at a scale few other operators can match.

The latest transaction expands testing beyond the technical capabilities of the ledger and into a corporate treasury environment. By involving Siemens as an end customer, BNP Paribas, HSBC and Swift were able to assess how tokenized deposits could be used in an actual business payment spanning different currencies and jurisdictions.

The pilot also examined interoperability, an important consideration for blockchain-based financial infrastructure. Rather than requiring banks to abandon their existing systems, the shared ledger is designed to interact across banking networks and enable participating institutions to settle transactions using blockchain technology. Interoperability has been a persistent obstacle for institutional blockchain projects, where many tokenized-asset and settlement initiatives have operated in isolated silos, limiting their usefulness for day-to-day banking operations.

For corporate treasurers, such capabilities could eventually provide greater flexibility in managing liquidity across international accounts. Tokenized deposits may also allow businesses to move funds more efficiently while maintaining their relationship with regulated commercial banks.

Cross-Currency Settlement Tested in Live Environment

The Siemens transaction involved a euro-denominated account at BNP Paribas and a sterling-denominated account at HSBC, making cross-currency settlement a central element of the pilot. The successful transfer provided an early demonstration of how blockchain infrastructure could support transactions involving different banking institutions and currencies.

The development also highlights the potential role of tokenized deposits in improving interbank liquidity and settlement. Unlike privately issued digital assets such as stablecoins, tokenized deposits represent commercial bank money and can be incorporated into regulated banking processes, a distinction that matters for banks seeking to keep deposits and settlement activity within the supervised financial system.

Pierre Fersztand, BNP Paribas' global head of cash management, payments, trade solutions and factoring, described the transaction as an important development in cross-border payments. He indicated that BNP Paribas viewed its participation as part of its continuing cooperation with Swift to develop the shared ledger and help advance the broader industrial use of digital finance.

Lewis Sun, HSBC's global head of digital currencies, similarly characterized the transaction as a major step toward real-world digital settlement between banks. He pointed to the involvement of BNP Paribas, Swift and Siemens as evidence that tokenized deposits are moving beyond experimental applications toward practical corporate payments.

24/7 Payments Remain a Core Objective

Swift has designed the ledger with interoperability as a central feature, according to Raphael Marek, the organization's head of France and Benelux. He said Swift had developed the infrastructure to allow tokenized deposits to operate across a secure and resilient financial ecosystem while giving banks greater scope to extend blockchain-based services to corporate customers.

The shared ledger is intended to support interoperable tokenized deposits at scale, potentially giving corporate customers greater flexibility in cross-border treasury management and settlement.

The project's objectives extend beyond a single payment use case. Swift has identified continuous, 24/7 payments as an early application for the ledger, while the infrastructure is also intended to serve as a foundation for additional financial services. Around-the-clock settlement would contrast with conventional cross-border payments, which typically depend on business-hours cutoffs and correspondent banking chains.

The successful Siemens transaction provides a practical test of that broader vision. If further trials demonstrate reliable interoperability, liquidity management and settlement across participating institutions, blockchain-based payment infrastructure could become increasingly integrated with traditional global banking operations.