Project Pangea is designed to work with existing Swift and ISO 20022 banking standards, allowing traditional financial institutions to connect to blockchain-based settlement pathways without replacing their payment infrastructure.
It is not a Ripple rival
Some industry observers may see the project as a challenge to Ripple’s decade-long push toward institutional cross-border settlements, but Chainlink insists its approach is collaborative rather than disruptive.
“I wouldn’t necessarily describe him as a rival,” Ariyasinghe said. “We are very much a technology provider. It’s less about creating a unified network from scratch. It’s about applying the technology, finding where that value is and growing the network organically.”
Ultimately, the goal is to free up trapped capital and modernize international trade corridors.
“If I send you money and it gets lost in transit for quite some time, you don’t receive it and that money can’t be used,” Ariyasinghe said. “Reducing that time as much as possible, so that customers can access that money as quickly as possible, has to be a good thing.”
By reducing settlement times from days to near real-time, participating institutions hope to reduce liquidity costs, reduce settlement risk, and provide businesses with faster access to funds tied up in cross-border transactions.
