Chainlink Connects Banks to Swift Blockchain Ledger
The partnership uses Chainlink Runtime Environment to let banks keep control of keys and approvals while adopting tokenized payment services.
- On Monday, Chainlink announced a partnership with SWIFT enabling financial institutions to connect internal systems to the SWIFT blockchain ledger through the Chainlink platform.
- The solution provides a secure orchestration layer for 24/7 cross-border payments using tokenized deposits, allowing banks to preserve existing security governance and approval processes.
- At the solution's center, the Chainlink Runtime Environment enables a self-signing model where institutions retain control of authorization keys. "We are thrilled to be supporting the Swift ledger," Chainlink Labs CEO Sergey Nazarov said.
- Seventeen financial institutions are currently piloting tokenized deposit transactions, positioning the ledger to serve SWIFT's network of more than 11,500 institutions and corporates across more than 200 markets.
- SWIFT infrastructure moves an amount equivalent to world GDP roughly every two to three days, and the ledger operates alongside rather than replacing the existing global financial messaging network.
12 Articles
12 Articles
Chainlink Swift Integration Connects 17 Banks To Tokenized Payments
Chainlink’s new framework connects bank systems with Swift’s blockchain ledger while allowing institutions to keep control of transaction-signing keys. Seventeen banks are preparing live tokenized-deposit pilots as Swift expands round-the-clock payment capabilities.
Chainlink works on a connection to link banks' signature systems and controls to Swift’s general ledger. The scheme seeks to keep entities’ keys and tokenized deposits on their own balance sheets.
CryptoTendencia Swift confirms in Sibos that its leader blockchain already operates 24/7 in five coins, with Chainlink and Oracle as access routes. The Swift entry no longer chooses between TradFi and DeFi: its leader blockchain operates 24/7 and the ecosystem connects was first published in CryptoTendencia.
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