Chainlink Swipes at Traditional Finance with SWIFT Deal

Chainlink has partnered with SWIFT to integrate its blockchain ledger into traditional finance systems. This collaboration will enable financial institutions to connect their systems and transaction-signing infrastructure to SWIFT's network, covering over 11,500 banks and corporates worldwide.

The proposed setup uses Chainlink's Runtime Environment (CRE) to coordinate workflows between bank-owned ledgers and the SWIFT ledger, which will support cross-border payments using tokenized deposits. These deposits will remain on bank-owned ledgers while the SWIFT ledger coordinates fund movements before final settlement.

Chainlink Labs CEO Sergey Nazarov commented on the partnership, stating that the company is 'thrilled to be supporting the SWIFT ledger' as more banks explore tokenized deposits and seek connections to the network.