The interbank transfer system SWIFT conducted a series of experiments, successfully transferring tokenized assets between various public and commercial blockchains through a single entry point.

Representatives of SWIFT noted that a series of experiments made it possible to more fully reveal the technical and design requirements for “forming future inter-blockchain relationships.” The areas of confidentiality, legal liability, operational risks, as well as the impact of various compatibility protocols in the organization of data transfer processes were subjected to testing.

As part of a technical experiment, the SWIFT network was connected to the Sepolia network of the Ethereum blockchain, with the solution provider Chainlink acting as an enterprise abstraction: compatibility between source and target block chains was achieved using the Chainlink Interconnection Protocol (CCIP).

“Our experiments have demonstrated that the existing secure and reliable SWIFT infrastructure can provide a central point of connection, removing a huge barrier to the development of tokenization and unlocking its potential,” said SWIFT Chief Innovation Officer Tom Zschach.

In collaboration with several major financial institutions, including BNY Mellon, CITI and Euroclear, SWIFT has completed three different types of transfers using simulated tokenised assets. These were transfers of assets from one wallet to another using the same distributed ledger network (DLT), between a public and private blockchain, and between two wallets using different public blockchains.

Earlier, the SWIFT interbank transfer system announced the start of an experiment to connect large financial institutions such as Australia and New Zealand Banking, BNP Paribas, BNY Mellon, CITI, Clearstream, Euroclear and Lloyds Banking to blockchain networks.