Chainlink Powers New Blockchain Payment Rails for Over 600 Banks

Chainlink has expanded its reach into institutional payments by partnering with Bottomline to create Global Pay Connect, a platform that connects over 600 banks with blockchain networks.

The partnership leverages Chainlink's Cross-Chain Interoperability Protocol (CCIP) to provide a network-agnostic connection between the existing payment infrastructure of these banks and various blockchains.

This move is significant as it puts Chainlink in direct competition with Ripple, which has historically focused on connecting banks across borders using its XRP token. However, unlike Ripple's approach, Global Pay Connect does not push banks to adopt a single blockchain or settlement asset.