Chainlink Integrated into Global Payment System with Bottomline's New Platform
Chainlink has become an integral part of the global payment system after Bottomline launched Global Pay Connect, a platform that links Swift rails to blockchain networks via Chainlink's Cross-Chain Interoperability Protocol (CCIP) and Chainlink Recursive Contracts for Edge (CRE). This new on-chain payment connectivity platform is designed for over 600 banks, which handle payments worth more than $16 trillion annually.
The platform uses CCIP and CRE to translate Swift payment messaging into cross-chain transactions without requiring the banks to re-platform. This means that Chainlink's infrastructure will be placed inside existing bank payment rails, giving it a crucial role in facilitating institutional payment flows at scale.
The launch of Global Pay Connect is significant for Chainlink as it provides a defined role for the cryptocurrency in bank payment connectivity, which could potentially lead to increased adoption and usage. However, the pace of adoption among the connected banks is not specified, so the realized throughput will depend on individual bank rollouts.