Chainlink, a supplier of price feeds and other data to blockchains, has partnered with the interbank messaging system for cross-border payments, SWIFT, to work on a proof-of-concept project that uses a cross-chain interoperability protocol (CCIP). Sergey Nazarov, co-founder of Chainlink, and Jonathan Ehrenfeld Solé, head of SWIFT strategy, made the project announcement on September 28 at the SmartCon 2022 Conference in New York. SWIFT is using the Cross-Chain Interoperability Protocol (CCIP) in an initial proof of concept. CCIP will enable SWIFT messages to instruct on-chain token transfers, helping the SWIFT network become interoperable across all blockchain environments.https://t.co/8GOBNhzwCk pic.twitter.com/Pvm0Cex45e — Chainlink (@chainlink) September 28, 2022 SWIFT Enables Interaction Across All Blockchain Systems The interbank network would be able to interact across all blockchain systems thanks to CCIP, which would make it possible for SWIFT messages to specify on-chain token transfers. With over 11,000 banks worldwide connected, the SWIFT interbank messaging system is the most popular platform for conventional cross-border fiat transactions. The system recorded 44.8 million messages every day on average in August. On the SWIFT network, transactions can take several days to complete. The corporation has also been investigating blockchain, DLT technologies, and central bank digital currencies (CBDCs) to enable quicker ...
