SWIFT started developing its own blockchain platform

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Interbank messaging system SWIFT and decentralized oracle network Chainlink have announced they are collaborating on a proof-of-concept (PoC) blockchain project that will allow traditional financial companies to transact on a platform that supports almost all blockchains. About it writes RBC.

Chainlink Co-Founder Sergey Nazarov and SWIFT Chief Strategy Officer Jonathan Ehrenfeld Sole announced about it at the SmartCon 2022 conference in New York.

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The SWIFT system is the most widely used platform for traditional cross-border transactions, connecting more than 11,000 banks around the world. Now the passage of a payment through this network can take up to several days, the transition to the blockchain should significantly reduce these periods.

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The PoC project will use the Chainlink CCIP (Cross-Chain Interoperability Protocol) cross-chain interoperability protocol to send SWIFT messages on various blockchains, which will accelerate the adoption of distributed ledger technology (DLT) in traditional finance, Nazarov said. He also noted that the development of the project was caused by increased interest from institutional investors.

In July, the Russian NTI Platform, a non-profit association of business representatives and experts in technology industries, announced that a pilot version of the Russian blockchain-based analogue of SWIFT was ready for testing and could be used in Russian banks.

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Source: Cryptocurrency

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