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The global financial messaging network, Swift, has announced the successful execution of various blockchain interoperability tests in collaboration with several financial institutions, including Citi, SIX Digital Exchange (SDX), BNP Paribas, and BNY Mellon.
To achieve this, Swift utilized Chainlink’s Cross-Chain Interoperability Protocol (CCIP), a Web3 services platform.
- The organization stated that these trials are part of a broader initiative aimed at ensuring secure, worldwide interoperability as new technologies and platforms emerge. They build upon efforts from recent years to demonstrate how Swift’s infrastructure could assist the financial sector in linking Central Bank Digital Currencies (CBDCs) and other digital assets with both new and established payment systems.
- This development follows the announcement in June that Chainlink and Swift would work together with various financial institutions to evaluate the feasibility of integrating with different blockchain networks.
- Tom Zschach, Swift’s Chief Innovation Officer, remarked on the recent progress,
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“Interoperability is central to all our efforts at Swift to enable the smooth transfer of value globally amid growing fragmentation. For tokenization to fulfill its potential, institutions must be able to connect effortlessly with the entire financial ecosystem.”
- The executive indicated that the trials have shown that the current Swift infrastructure can serve as a central connectivity point, addressing a significant obstacle in the advancement of tokenization.
- Meanwhile, Chainlink announced the introduction of CCIP in July. The co-founder and acting CEO of the Oracle provider, Sergey Nazarov, had previously emphasized that the goal is to establish the protocol as the new benchmark for cross-chain interoperability.
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