Chainlink said he developed a technical process that allows banks to interact with tokenized investment funds through Swift, the interbank messaging system that supports much of traditional finances.
In a pilot with UBS, subbumes and processed refunds of Chainlink (CRE) for a tokenized fund using ISO 20022 messages, the international standard for financial messenger used by SWIFT.
Blockchain workflows were activated directly from existing UBS systems after CRE received Swift messages. Then he activated the subbumes or reimbursements in the Chainlink digital transfer agent, according to a press release shared with Coindesk.
The configuration allows banks to access blockchain infrastructure using tools they already use, as Swift, while Chainlink infrastructure manages the rest.
The pilot is based on the previous work of Project Guardian, a tokenization initiative led by the Central Bank of Singapore. The last development adds to the interoperability that allows institutions to use swift to activate events in the chain.
The launch occurs after Chainlink announced a separate pilot with 24 global banks and financial infrastructure suppliers such as DTCC and Euroclear. This project used Chainlink’s tools and AI to extract and standardize data from corporate actions, a process that currently costs the industry an estimated $ 58 billion annually.
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