SWIFT partners with Chainlink for cross-chain crypto transfer | The Financial Express

SWIFT partners with Chainlink for cross-chain crypto transfer

The SWIFT interbank messaging system, which connects over 11,000 banks worldwide, is the most extensively utilised platform for traditional cross-border currency transactions.

SWIFT partners with Chainlink for cross-chain crypto transfer
Transactions over the SWIFT network, on the other hand, can take several days to complete.

System of interbank messaging SWIFT has collaborated with price oracle supplier Chainlink on a proof-of-concept (PoC) project that would enable traditional finance firms to interact across blockchain networks, as reported by Cointelegraph.

According to Cointelegraph, Chainlink co-founder Sergey Nazarov launched the project alongside SWIFT strategic director Jonathan Ehrenfeld Solé on September 28 at the SmartCon 2022 Conference in New York.

Solé stated during the conference that there is “undeniable interest from institutional investors in digital assets,” adding that these traditional financial players want access to both digital and traditional assets on a single platform, Cointelegraph stated.

The Proof of Concept (PoC) makes use of Chainlink’s cross-chain interoperability protocol (CCIP), which allows SWIFT messages to instruct token transfers across nearly every blockchain network, which Nazarov believes will accelerate the adoption of distributed ledger technology (DLT) blockchains across capital markets and traditional finance.

The SWIFT interbank messaging system, which connects over 11,000 banks worldwide, is the most extensively utilised platform for traditional cross-border currency transactions. In August, the system received 44.8 million messages per day on average. Transactions over the SWIFT network, on the other hand, can take several days to complete. To promote speedier payments, the organisation has been investigating blockchain and DLT technology, as well as central bank digital currencies (CBDCs), Cointelegraph further stated.

(With insights from Cointelegraph)

Also Read: Kolkata gaming app: ED freezes Rs 12.83 cr worth crypto assets

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