Key Highlights
- IBM’s Digital Asset Haven can connect to Swift’s shared ledger through a beta ISO 20022 messaging adapter.
- The adapter is designed to support tokenized deposit transactions using existing financial messaging standards.
- Swift says 17 financial institutions are preparing to pilot transactions on its shared ledger.
IBM is testing ways to connect its digital asset platform with existing banking infrastructure as financial institutions explore tokenized deposits and blockchain-based payment systems.
In an announcement on September 24, IBM said clients using Digital Asset Haven can connect to Swift’s shared ledger through a beta ISO 20022 Messaging Adapter. The company is also testing an on-premises version of the platform for institutions that want to operate the software within their own data centers.
The two developments address different parts of the infrastructure stack: the Swift adapter focuses on messaging and ledger connectivity, while the on-premises version concerns how institutions deploy and manage digital asset systems.
IBM tests ISO 20022 connection to Swift Ledger
The beta adapter allows Digital Asset Haven clients to initiate tokenized deposit transactions using ISO 20022, a messaging standard widely used by financial institutions. Instead of requiring banks to adopt a separate blockchain-specific messaging process, the adapter is designed to translate existing financial messages for use with Swift’s shared-ledger environment.
Swift’s network connects more than 12,500 financial institutions across over 200 markets. Its shared ledger is being developed to support transactions involving bank-issued tokenized deposits and other digital assets.
Swift announced the shared-ledger project at Sibos 2025 after working with more than 40 financial institutions. In July, Swift said the ledger was ready for initial use, with 17 banks from six continents preparing to test live transactions. The participating institutions include ANZ, BNP Paribas, BNY, Citi, DBS, HSBC, Standard Chartered, UBS and Wells Fargo, among others.
The initial use case focuses on 24/7 cross-border payments involving tokenized deposits, while final settlement continues to rely on existing payment systems.
IBM said participating institutions have tested tokenized deposits through Digital Asset Haven, although it did not identify those institutions.
Banks test tokenized deposits
Tokenized deposits represent commercial bank deposits on blockchain infrastructure. Unlike stablecoins, they remain liabilities of the issuing bank.
Financial institutions have been exploring the model for applications including cross-border payments, settlement and corporate transactions.
The Swift project is one example of banks testing whether distributed-ledger infrastructure can operate alongside existing payment systems rather than replacing them outright.
The technology remains at a pilot stage, however, and its practical benefits will depend on how participating institutions handle settlement, compliance, reconciliation and integration with existing systems.
IBM also cited a J.P. Morgan Payments survey showing that 93% of financial institutions are modernizing payments infrastructure. The figure covers payments modernization broadly and does not specifically measure adoption of blockchain or tokenized deposits.
Digital asset haven gets on-premises option
IBM is separately testing an on-premises version of Digital Asset Haven for selected clients. The software is being tested on IBM Z and LinuxONE, allowing financial institutions to operate the platform within their own data centers rather than relying entirely on public-cloud infrastructure.
The setup includes digital asset and key-management components that can run within an institution’s existing environment. IBM said the system can use Crypto Express hardware security modules and its Offline Signing Orchestrator for transaction-signing operations.
The on-premises model adds to the SaaS and hybrid deployment options IBM introduced for Digital Asset Haven in October 2025.
IBM said financial institutions in multiple regions have since begun implementing digital asset use cases on the platform, although the company did not identify those institutions.
IBM’s blockchain patent deal with Circle
The announcement also comes after IBM’s separate blockchain patent transaction with Circle in July.
Circle announced on July 27 that it had acquired nearly 1,000 blockchain patents from IBM. The patents cover blockchain-related intellectual property and are separate from IBM’s current work with Swift and Digital Asset Haven. The companies said they would explore additional commercial opportunities following the transaction.
The deal comes as banks, stablecoin issuers and technology companies continue developing infrastructure around tokenized assets and digital payments.
Both projects remain in testing
Neither of IBM’s latest developments represents a replacement for existing banking infrastructure.
The Swift shared ledger remains in a pilot phase, with participating financial institutions testing tokenized deposit transactions. IBM’s on-premises Digital Asset Haven is likewise being offered to selected clients through a beta program, with interested institutions directed to a waitlist.
The projects show how banks and technology providers are testing ways to connect blockchain-based assets with established messaging, custody and settlement systems.
The next steps will depend on how the systems perform in live or expanded testing, including their handling of operational processes, regulatory requirements, security and integration with existing financial infrastructure.
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