Global: ANZ completes cross-border tokenised deposit payment through Swift ledger

Australia and New Zealand Banking Group (ANZ) has completed a live cross-border corporate treasury transaction using tokenised deposits through Swift’s blockchain-based shared ledger, highlighting the potential of distributed ledger technology to improve international payments.

The transaction was conducted with Citi and global mining company BHP, with US dollar payments processed between Melbourne and New York. BHP used its existing ANZ account and established banking channel, while tokenised deposits and shared ledger technology operated in the background.

Tokenised deposits support cross-border payments

ANZ said the transactions demonstrate how shared ledger infrastructure could help move cross-border payments towards faster, more efficient processing that operates seven days a week.

The bank also confirmed that Swift’s ledger can function as a secure connection between financial institutions, allowing tokenised deposits issued by different banks to interact and settle across institutional boundaries.

The development points to the growing role of tokenisation and blockchain infrastructure in modernising financial services, particularly where cross-border transactions require greater speed, transparency and liquidity efficiency.

Shared infrastructure improves interoperability

Nigel Dobson, executive general manager, payments services at ANZ, said the transaction showed how tokenised deposits could move between banks through shared industry infrastructure without changing the customer experience.

“These payments demonstrate how tokenised deposits can move between banks through shared industry infrastructure and supporting more efficient liquidity while remaining completely invisible to customers,” Dobson said.

The approach allows existing corporate banking relationships and payment channels to remain in place while new digital settlement infrastructure operates behind the scenes.

Swift advances always-on payment infrastructure

Suresh Rajalingam, head of Oceania at Swift, said interoperability has been central to the organisation’s development of its blockchain-based ledger.

“This marks an important step in demonstrating how our ledger can support faster, more transparent and always-on cross-border payments, while giving financial institutions and their corporate customers greater flexibility and visibility over their payment flows,” Rajalingam said.

He added that the initiative builds on the trust, security and resilience of Swift’s existing infrastructure.

The transaction reflects the broader shift towards tokenised financial assets and shared ledger infrastructure as banks explore new approaches to cross-border payments. For financial institutions and corporate treasurers, greater interoperability between tokenised deposits could support more efficient liquidity management while maintaining established banking channels and customer-facing processes.