Global financial messaging network Swift successfully tests blockchain interoperability with major institutions using Chainlink’s Cross-Chain Interoperability Protocol (CCIP).
Key Points
- Swift tests blockchain interoperability with Citi, SIX Digital Exchange, BNP Paribas, and BNY Mellon using Chainlink’s Cross-Chain Interoperability Protocol (CCIP).
- Swift’s goal is secure global interoperability amid emerging technologies.
- Collaboration with Chainlink, announced in June, explores integration with diverse blockchain networks.
- Chainlink’s CCIP enhances connectivity between blockchain networks and promotes tokenization.
Global financial messaging network, Swift, has announced the successful completion of blockchain interoperability tests with several financial institutions including Citi, SIX Digital Exchange (SDX), BNP Paribas, and BNY Mellon. These tests were conducted using Chainlink’s Cross-Chain Interoperability Protocol (CCIP).
When you see #SWIFT announcing, they are facilitating #TokenizedAssets with #Chainlink and other protocols. Don’t get worried because you don’t see #Ripple or #XRP mentioned. We’re competitors, not partners. Yet! pic.twitter.com/HtxCR3g0A8
— Digital PerspectivesPermaBull🪝 (@DigPerspectives) September 3, 2023
Ensuring Secure Global Interoperability
Swift’s experiments with blockchain interoperability are part of a larger strategy to ensure secure global interoperability as new technologies and platforms emerge. This initiative builds on previous work that demonstrated how Swift’s infrastructure could support the interconnection of Central Bank Digital Currencies (CBDCs), digital assets, and existing payment systems.
Collaboration between Chainlink and Swift
The collaboration between Chainlink and Swift was announced in June and aimed to explore the feasibility of integrating with different blockchain networks. Swift’s Chief Innovation Officer, Tom Zschach, commented on this partnership, highlighting the importance of interoperability:
“Interoperability is at the heart of everything we are doing at Swift to facilitate the seamless flow of value across the world in the face of increasing fragmentation. For tokenization to reach its potential, institutions will need to be able to seamlessly connect with the whole financial ecosystem.”
Zschach also noted that the experiments have demonstrated the existing Swift infrastructure’s capability to provide a central point of connectivity, removing a significant obstacle to the development of tokenization.
Chainlink’s Cross-Chain Interoperability Protocol
In July, Chainlink announced the launch of its CCIP. The protocol aims to become the new gold standard for cross-chain interoperability. Sergey Nazarov, Co-founder and Acting CEO of Chainlink, explained the goal of the protocol is to enhance connectivity and interoperability between different blockchain networks.
