The system will integrate virtually all blockchains and give traditional financial institutions access to a variety of assets on one platformInterbank messaging system SWIFT and decentralized oracle network Chainlink have announced that they are working together on a proof-of-concept (PoC) blockchain project that will allow traditional financial companies to conduct transactions on a platform that supports virtually all blockchains. Chainlink co-founder and SWIFT chief strategy officer announced at SmartCon 2022
SWIFT system is the most widely used platform for traditional cross-border transactions, uniting more than 11,000 banks around the world. Now it can take up to several days for a payment to go through this network, the transition to blockchain should significantly reduce this time.
The PoC project will use Chainlink CCIP (Cross-Chain Interoperability Protocol) to send SWIFT messages in different blockchains, which will accelerate the introduction of distributed ledger technology (DLT) in traditional finance, Nazarov said. He also noted that the development of the project was prompted by increased interest from institutional investors.
In July, the NTI Platform, a nonprofit association of business and technology industry experts, reported that a pilot version of Russia's blockchain-based SWIFT analogue was ready for testing and could be used by Russian banks.