Chainlink Connects Banks to SWIFT's Blockchain Ledger
Chainlink is developing a solution to connect banks' systems and signing infrastructure to SWIFT's blockchain ledger through its platform. This integration will utilize Chainlink Runtime Environment (CRE) to manage smart-contract workflows between bank-owned ledgers and the SWIFT ledger.
Banks will retain control over the keys used for transaction approval, while CRE coordinates operations. The setup is designed to facilitate 24/7 payment workflows using tokenized bank deposits.
SWIFT's blockchain-based shared ledger serves as an orchestration layer before final settlement, not replacing existing systems such as real-time gross settlement networks. This allows banks to use tokenized deposits for around-the-clock payments without altering their current settlement arrangements.