Chainlink Unlocks Swift Blockchain Ledger for Banks

Chainlink has launched a solution that allows financial institutions to interact with Swift's blockchain-based ledger while maintaining control over their cryptographic keys. This is made possible through Chainlink's Runtime Environment (CRE) service, which connects institutional platforms with services on the shared ledger built by Swift.

The CRE architecture includes secure self-signing, where banks retain their transaction-signing keys and use an intermediary layer provided by Chainlink for access to the ledger. Financial institutions can now use a tokenized payment system without relinquishing signing control to a third party or compromising other controls over their operations.

The project is currently in a limited pilot testing phase, with 17 banks from six countries participating. The primary use case for Swift's blockchain network is international payments, which can be sent and settled 24/7 using the new service. Additional uses may include programmable payments and payments involving digital assets in the future.