Society for Worldwide Interbank Financial Telecommunication (SWIFT) has entered into a partnership with the Chainlink Labs Cross-Chain Interoperability Protocol (CCIP) to improve the efficiency of traditional finance (TradFi) on the blockchain.
Chainlink co-founder Sergey Nazarov announced this Wednesday at the SmartCon 2022 conference in New York City on Sept. 29.
SWIFT provides global businesses with one of the most robust financial information infrastructures, an interbank messaging system that allows cross-border payments.
The platform helps encode information so that members who register on its platform can easily understand it. The SWIFT system currently has more than 11,000 users in 200 countries.
To improve the gap between traditional and digital assets of TradFi institutions and allow more traditional financial (TradFi) participants to access a variety of digital and traditional assets on a network that can connect different types of asset classes, this partnership will enhance interoperability to benefit capital markets institutions.
CCIP will enable SWIFT messages to indicate on-chain token transfers, helping interbank networks to communicate across all blockchain environments.
Jonathan Ehrenfeld Solé, strategy director at SWIFT, said that one of the reasons for the success of the partnership with Chainlink on CCIP is the “undeniable interest” in cryptocurrencies from institutional investors.
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