- The Society for Worldwide Interbank Financial Telecommunication , the largest interbank messaging system in the world, has announced a new collaboration with Chainlink, the world’s largest web3 services platforms, to explore how institutions can use Swift and Chainlink’s Cross-Chain Interoperability Protocol to seamlessly connect their systems with any blockchain network.
Participants include Australia and New Zealand Banking Group Limited , BNP Paribas, BNY Mellon, Citi, Clearstream, Euroclear, Lloyds Banking Group, SIX Digital Exchange and the Depository Trust & Clearing Corporation . This new round of experimentation follows a series of trials in 2022 that explored how Swift could integrate digital currencies and tokenized assets with the world’s existing financial ecosystem. This trial will also explore how the industry could address potential operational and regulatory pitfalls facing financial institutions when operating in a blockchain environment.
It’s also not feasible for financial institutions to build new infrastructure and technology stacks entirely from scratch, so Swift is looking to help these firms leverage their existing infrastructure to connect to blockchain ledgers, where tokens are recorded in a way that is both compliant and secure.
The main focus of the upcoming experiments will be to show how Swift’s infrastructure can be leveraged to facilitate interoperability, enabling tokenized value to be transferred between existing systems and both public and private DLT platforms with existing connectivity, standards, and messaging.