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The Partnership between Swift and Chainlink: Revolutionizing Financial Transactions with Blockchain

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Swift and blockchain data provider Chainlink

Revolutionizing Financial Transactions with Blockchain Blockchain technology is transforming the way we handle financial transactions. The latest news in the FinTech space reveals an exciting partnership between The Society for Worldwide Interbank Financial Telecommunication (Swift) and blockchain data provider Chainlink. Their collaboration aims to test a blockchain-based tokenized payments service with over 12 major banks worldwide.

Successful proof of concept

Securely Connecting Swift and Chainlink The partnership builds upon a successful proof of concept conducted last year. Chainlink’s decentralized oracle network was used to securely connect Swift’s payments messaging system to the blockchain. By bridging these two platforms and enabling tokenized payments, users can now move funds between blockchain networks like Ethereum and Hyperledger in a more secure and cost-effective manner.

Advancing Financial Transaction Safety and Efficiency

Advancing Financial Transaction Safety and Efficiency This groundbreaking collaboration in the FinTech space holds tremendous potential for enhancing the safety and security of financial transactions while reducing costs. Furthermore, it aims to establish a swifter payments service compared to existing systems. With Swift being the world’s leading payments messaging platform, its decision to embrace blockchain technology underscores the importance of implementing it within its payment services.

Paving the Way for Greater Efficiency

Paving the Way for Greater Efficiency and Security Although the trials and commercial rollout of this project are yet to be conducted, the partnership between Swift and Chainlink represents a significant step forward for the FinTech industry. It highlights the recognition of the benefits that blockchain can bring not only to the payments and banking sector but also to other industries. This collaboration is a testament to the lasting impact of blockchain and the continued interest of major players in implementing it within the financial sector.

The Future of Blockchain in FinTech 

The Future of Blockchain in FinTech The potential of blockchain in the banking and FinTech sector is vast, and this partnership marks just the beginning of an exciting journey of development and innovation. Swift, Chainlink, and other industry leaders are paving the way for a blockchain revolution that promises greater efficiency, security, and transformative possibilities. #Swift #BlockchainRevolution

Source on Swift website : https://www.swift.com/news-events/news/swift-explores-blockchain-interoperability-remove-friction-tokenised-asset-settlement


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