ChainLink said that he had developed a technical process allowing banks to interact with token investment funds via Swift, the interbank messaging system that underpins a large part of traditional finances.
In a pilot with UBS, the subscriptions processed by ChainLink Runtime Environment (CRE) and buyouts for a tokenized fund using ISO 20022 messages, the international standard for financial messaging used by SWIFT.
Blockchain workflows were triggered directly from existing UBS systems after CRE received Swift messages. He then triggered subscriptions or redemptions in the digital transfer agent Chainlink, according to a press release shared with Coindesk.
The configuration allows banks to access the blockchain infrastructure using tools that they already use, like Swift, while Chainlink’s infrastructure manages the rest.
The pilot relies on the previous work of Project Guardian, a Tokenization initiative led by the central bank of Singapore. The latest development adds interoperability which allows institutions to use Swift to trigger chain events.
The launch comes after Chainlink announced a separate pilot with 24 world banks and financial infrastructure providers such as DTCC and Euroclear. This project used Chainlink tools and AI to extract and normalize business action announcements, a process that currently costs industry around $ 58 billion per year.
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