1 week ago
Chainlink has developed a caller strategy with Swift and UBS that enables banks and plus managers to process tokenized money subscriptions and redemptions done the aforesaid messaging infrastructure they already utilize.
The solution could accelerate integer plus adoption successful the $100 trillion planetary money manufacture by removing a captious method barrier, according to the Sept. 30 announcement.
Pilot with UBS Tokenize
The inaugural builds connected Chainlink, Swift, and UBS’ earlier collaboration successful the Monetary Authority of Singapore’s Project Guardian successful 2024, which tested tokenized plus colony utilizing off-chain cash.
In the latest pilot, UBS Tokenize, the bank’s tokenization unit, successfully processed money subscription and redemption requests.
Messages sent successful Swift’s ISO 20022 format were routed done Chainlink’s Runtime Environment (CRE), which past triggered onchain astute declaration actions utilizing Chainlink’s Digital Transfer Agent standard.
By relying connected existing Swift infrastructure, institutions bash not request to overhaul their individuality oregon custody systems to interact with blockchain networks.
The “plug-and-play” exemplary allows institutions to experiment with tokenized funds without the outgo and complexity of gathering wholly caller systems.
Implications for the money industry
The quality to negociate tokenized workflows straight from bequest infrastructure could beryllium transformative for the planetary plus absorption sector, which is nether unit to modernize operations and chopped costs.
Using Swift to trigger onchain events reduces reconciliation work, enhances compliance automation, and increases transparency, according to Chainlink.
Chainlink co-founder Sergey Nazarov said the collaboration demonstrates however astute contracts and caller method standards tin bring greater ratio to the plus lifecycle.
Meanwhile, UBS is demonstrating however banks tin utilize tokenization to heighten existing products and research caller organisation models.
Tokenization of funds has go a absorption for fiscal institutions and regulators arsenic firms question ways to heighten colony speed, mitigate operational risk, and unlock caller forms of marketplace flexibility.
Advances similar the Chainlink-Swift integration could assistance determination tokenization from isolated pilots to broader adoption crossed planetary superior markets.
The station Chainlink, Swift and UBS succesfully aviator tokenized money solution to revolutionize $100 trillion industry appeared archetypal connected CryptoSlate.
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