The Chainlink and SWIFT integration has reached production readiness, allowing financial institutions to adopt blockchain without overhauling their infrastructure. This collaboration will facilitate blockchain payments, tokenized asset payments, and CBDC transactions, accelerating the adoption of blockchain in traditional finance.
As previously reported by CNF, Chainlink and SWIFT have teamed up with MAS to promote interoperability of digital assets, following Chainlink’s move last year. Currently, the Chainlink and SWIFT integration has reached the production stage. This represents an important development for blockchain adoption in traditional finance, as it allows financial institutions to incorporate blockchain functionality without completely overhauling their infrastructure.
As featured in Chainlink’s YouTube video, Chainlink co-founder Sergey Nazarov today announced an important milestone at Sibos 2024 in Beijing, adding to SWIFT’s traditional payment system and blockchain technology. It has been revealed that the integration has advanced to the production preparation stage. He said this in his keynote speech.
We are now ready to integrate this system with our existing organizational systems.
Sibos, which brings together financial services leaders from around the world, provided Nazarov with the ideal environment to highlight these advances.
Chainlink and SWIFT collaboration paves the way for blockchain payments
For several years, Chainlink has been working closely with SWIFT to create a seamless link between traditional SWIFT messages and blockchain networks. Nazarov explained that the system has moved from concept to prototype stage, allowing financial institutions to begin real-world testing. He emphasized that this integration is now ready for institutional use.
We have reached a stage where banks can integrate this technology into their existing frameworks.
Sibos 2024 will showcase key innovations for blockchain and AI adoption
During Sibos 2024, Nazarov announced several initiatives aimed at accelerating blockchain adoption across capital markets, including SWIFT and blockchain integration, blockchain privacy, AI consensus, and the DECO sandbox. Introducing new features.
The system works by first using SWIFT’s traditional messaging system to process transaction details and then using Chainlink’s infrastructure to transform these messages into on-chain events.
This is expected to enable payments for tokenized assets, real-world financial instruments, and even central bank digital currencies (CBDCs) via SWIFT’s existing channels. However, Chainlink (LINK) is currently trading at $11.44, down 3.85% over the past day and up 1.06% over the past week.
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