Swift teams up with Chainlink to explore blockchain interoperability challenges
Swift and Chainlink are teaming up with over a dozen financial institutions, including ANZ Bank, BNP Paribas, and Citi, to explore blockchain interoperability challenges.
The trials aim to integrate existing Swift infrastructure with public and private distributed ledger technology (DLT) networks, using Swift’s standards and messaging. The collaboration seeks to develop an interoperability model to enable seamless transfers between different platforms globally.
Chainlink’s Cross-Chain Interoperability Protocol (CCIP) will play a crucial role in this initiative. The trials will cover various use cases, including transfers between Ethereum test net wallets, public to permissioned blockchain transfers, and transfers between Ethereum and other public blockchains.
Apart from technical considerations, non-technical issues such as compliance, privacy, and regulatory challenges will also be explored. Swift’s involvement in multiple blockchain-related projects showcases its commitment to advancing cross-border payments and exploring the potential of emerging technologies in the financial industry.