| Recently, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) announced a partnership with Chainlink (LINK) to experiment with connecting private and public blockchains.
Swift is the traditional global financial messaging system that underpins most international money and securities transfers. After several tests with private blockchains, Swift is expanding its experiments to include public blockchains, with plans to use Chainlink’s Cross-Chain Interoperability Protocol (CCIP).
The collaboration includes major financial institutions like BNP Paribas, BNY Mellon, Citi, Euroclear, SIX Digital Exchange (SDX), and the Depository Trust & Clearing Corporation (DTCC). Chainlink is providing what Swift calls an “enterprise account abstraction layer.”
“What’s missing is the ability to send [assets] from a bank chain to a public chain — banks want to do that,” said Sergey Nazarov, co-founder of Chainlink.
The proof of concept will demonstrate how banks can practically interoperate across these networks, both public and private. | 