Chainlink and Bottomline Link 600 Banks to Blockchain Settlement
Bottomline has partnered with Chainlink to connect over 600 bank customers to blockchain-based cross-border settlement. The partnership aims to reduce the time and cost associated with international payments, which can currently take days to settle and incur costs of up to 5% of the transfer's value.
The deal leverages Bottomline's existing network of more than 600 banks, 1,200 financial institutions, and 10,000 businesses worldwide. Chainlink's technology connects payment instructions sent through ISO 20022 to blockchain settlement in the background, using its Cross-Chain Interoperability Protocol (CCIP) to move tokenized value between separate blockchain networks.
This partnership is part of a broader push by Chainlink to link banks across Europe and South Korea, with Project Pangea already connecting over 50 banks managing more than $10 trillion in assets. CCIP has been active since July 2023 and now connects more than 60 blockchain networks.