ANZ, BHP and Citi Complete Live Tokenised-Deposit Treasury Pilot
The US-dollar payments connected Melbourne and New York through Swift's shared ledger while BHP used its existing ANZ account and channel.
ANZ, BHP, Citi and Swift completed live US-dollar corporate treasury payments between Melbourne and New York on September 30, 2026. BHP initiated the payments from its existing ANZ account and banking channel, while the participating banks used tokenised deposits and Swift's shared ledger to coordinate the interbank payment commitments. The transaction is a live pilot, not a general product launch, and final settlement remained outside the ledger through existing payment infrastructure.
The corporate channel did not change
BHP used its established ANZ banking channel rather than a new wallet or blockchain interface. Behind that channel, ANZ and Citi connected their tokenised-deposit capabilities through Swift's ledger to record and synchronise payment commitments across the two banks.
That separation is central to the design. Swift operates the shared orchestration layer, while each bank retains control of its own assets, funding and customer relationships. Swift says the architecture checks that funds are available before execution and can support payments outside conventional operating hours.
Live, but still an early-stage pilot
ANZ described the BHP transaction as one of the first live corporate treasury transactions on the Swift ledger. BHP called the work an early-stage pilot and said it would continue assessing how the model could support liquidity management and payment operations.
The announcement does not establish broad client availability, publish a production service level, name additional corporate users or disclose the value of the payments. It demonstrates that a corporate could initiate a real payment through an existing bank channel while the two banks coordinated tokenised-deposit commitments on the shared infrastructure.
Settlement stayed on existing infrastructure
Swift's July description of the ledger says participating banks move funds for customers using bank-issued tokenised deposits before completing final settlement through existing systems. Its earlier implementation description is even more explicit: banks retain control of assets and funding, and settlement remains off-ledger via existing infrastructure.
That boundary matters. The transaction tested a shared record of interbank commitments and the customer experience around it; it did not replace the legal and operational settlement systems that ultimately complete the payment.