Big Banks Could Use Swift and Chainlink to Transfer Tokens Across Blockchains

Swift, the global financial messaging network, has successfully concluded an innovative tokenization experiment, involving the seamless transfer of tokens across various blockchains.

In an official press release on August 31, the interbank messaging infrastructure announced its collaboration with Chainlink and multiple financial institutions for this groundbreaking endeavor.

Prominent financial institutions, including BNY Mellon, BNP Paribas, Lloyds Banking Group, Citi, New Zealand Banking Group Limited, Euroclear, and others, actively participated in the experiment.

For the experiment, Swift connected to Ethereum's Sepolia testnet and leveraged Chainlink's Cross-Chain Interoperability Protocol (CCIP) to facilitate the secure movement of tokenized assets across different public and private blockchains.

Swift serves as an extensive messaging network relied upon by financial institutions worldwide for the swift, accurate, and secure exchange of information, such as instructions for money transfers.

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