Chainlink Unlocks Global Payments with SWIFT Ledger Connectivity
Chainlink has announced a major breakthrough in its mission to connect traditional finance with blockchain technology. The company's new connectivity framework enables banks to link their systems directly to the SWIFT ledger, allowing for seamless tokenized deposits and payments.
The framework, which has been tested by 17 banks across six continents, including ANZ, HSBC, Citibank, Standard Chartered, and UBS, uses Chainlink's runtime environment to coordinate interactions between institutional systems and the ledger. This means that banks can retain control of their transaction signing keys, rather than surrendering them to Chainlink.
The SWIFT ledger supports tokenized deposit payments 24/7, with final settlement still completed through existing mechanisms such as real-time gross settlement. This new development is expected to simplify and speed up cross-border transactions, making it easier for businesses to operate globally.