Chainlink said that it has developed a technical process with which banks can communicate with Tokenized investment funds via Swift, the interbank message system that underlies a lot of traditional financing.
In a pilot with UBS, Chainlink’s Runtime Environment (CRE) processed subscriptions and repayments for a tokenized fund using ISO 20022 messages, the international standard for financial messages used by Swift.
The blockchain workflows were directly activated from the existing UBS systems after CRE received the Swift messages. According to a press release shared with Coindesk, the subscriptions or repayments in the digital transfer agent for Chainlink activated.
With the set -up, Banks can gain access to blockchain infrastructure with the help of tools that they already use, such as Swift, while Chainlink’s infrastructure handles the rest.
The pilot builds on earlier work by Project Guardian, a tokenization initiative led by the Central Bank of Singapore. The latest development adds to interoperability with which Settings can use Swift to activate events in chains.
The launch comes after Chainlink has announced a separate pilot with 24 worldwide banks and financial infrastructure providers such as DTCC and Euroclear. That project used the Tools and AI of Chainlink to extract and standardize data for announcements of business promotion, a process that the industry currently costs an estimated $ 58 billion a year.
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