ANZ pilots live tokenised deposit payment with Swift

ANZ has completed a live corporate treasury transaction using tokenised deposits and Swift's blockchain ledger. The deal involved a US dollar payment between Melbourne and New York with BHP and Citi.

The transaction makes ANZ the first Australian bank to use Swift's ledger in a live setting. It was structured so BHP could use its existing ANZ account and banking channel, while the tokenised deposit and distributed ledger elements operated behind the scenes.

The payment was designed to test how tokenised deposits issued by different banks can move through shared infrastructure in a cross-border setting. The result showed Swift's ledger can connect banks and support interoperability between institutions using tokenised forms of bank money.

The companies involved were ANZ, BHP, Swift and Citi. The payment moved in US dollars between the two cities, reflecting the kind of treasury activity large multinational groups routinely carry out across jurisdictions and time zones.

How it worked

Tokenised deposits are digital representations of commercial bank deposits recorded on a ledger. In this case, the parties tested whether that structure could support cross-border treasury payments without requiring the corporate customer to adopt a new banking interface or change its day-to-day operating processes.

That matters because many treasury departments still face cut-off times, batch processing and different operating hours across markets. A shared ledger model is being explored across banking as a way to enable more continuous transfers, including outside traditional business hours.

ANZ linked the trial to broader industry efforts to modernise cross-border payments while preserving the existing role of regulated banks. It framed the exercise as a test of whether digital ledger infrastructure can work alongside current account structures and established payment channels.

"These payments demonstrate how tokenised deposits can move between banks through shared industry infrastructure, supporting more efficient liquidity while remaining completely invisible to customers. Many large multinational customers want to move money across countries, time zones and banks regardless of operating hours, with the certainty it will arrive in near real time. As the first Australian bank to use Swift's ledger, our goal was to test how the benefits of new digital ledger technology can be delivered through existing banking arrangements, using the accounts, channels and operational processes that our institutional customers already rely on. Over time, we believe these capabilities could help customers move and manage liquidity more efficiently across their global operations, while continuing to benefit from the trust, regulatory oversight and global reach of the banking system," said Nigel Dobson, Executive General Manager for Payment Services, ANZ.

Corporate interest

For corporate treasurers, the practical issue is often access to funds across different markets at the right time. Companies with international operations frequently need to shift liquidity between entities and countries quickly, but existing cross-border arrangements can slow that process.

BHP used the transaction to examine whether newer payment structures could improve that workflow. The miner's involvement points to growing corporate interest in models that could give treasury teams more flexibility over cash positioning and internal funding movements.

"The opportunity we see is the ability to move funds across borders in real time. Rather than waiting for banking systems to open, global businesses could eventually transact around the clock with greater certainty and efficiency. This pilot with ANZ and Swift gives us the opportunity to test whether emerging payments technology can help make that a reality. While still at an early stage, initiatives like this have the potential to simplify liquidity management and make it easier for us to move capital when and where it is needed," said Marlon Singh, Manager for Treasury, BHP.

Citi's role in the transaction also highlights how large international banks are assessing the use of tokenised deposits and shared ledgers in mainstream financial activity rather than in isolated blockchain pilots. One of the central questions is whether these systems can interact with traditional banking networks instead of operating separately from them.

"Financial markets are moving towards real-time payments and settlements, with always-on expectations across time zones and asset classes. This landmark transaction with ANZ, Swift and BHP demonstrates the power of a shared blockchain ledger to deliver infrastructure fit for the future by enabling interoperability between traditional and digital finance networks. Advancing our digital cash and securities capabilities is core to our innovation agenda in Citi's Services business as we build capabilities that support the evolution of our clients' businesses and the environments in which they operate," said Kanika Thakur, Head of Services for Japan, Asia North and Australia, Citi.

Swift's ledger

Swift has been developing a blockchain-based ledger as part of broader work on interoperability between digital asset systems and existing financial infrastructure. Its role in cross-border messaging gives it a central place in efforts to connect banks using different technologies and settlement models.

Banks and corporates will likely watch the latest transaction closely for evidence that tokenised deposit structures can function across institutions in a live treasury environment. The focus now will be on whether such models can move from limited tests to broader operational use.

"Interoperability has been at the core of Swift's approach to developing our blockchain-based ledger, and transactions like this show what that means in practice. 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, building on the trust, security and resilience of Swift's existing infrastructure," said Suresh Rajalingam, Head of Oceania, Swift.