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Chainlink
The company has connected Chainlink Runtime Environment (CRE) with the messaging tools banks already use through Swift.
This update is part of an effort involving UBS Asset Management and Swift, which together ran a pilot project with Chainlink. The goal was to show how traditional financial institutions could complete blockchain transactions using the systems they already rely on.
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A key part of the pilot involved testing how tokenized fund actions, like subscribing to or redeeming investment funds, could be carried out on a blockchain.
Typically, these steps are processed through several layers of intermediaries, including custodians and fund administrators. Each layer adds delays and extra work.
The pilot showed that using Swift’s standard ISO 20022 messages, these same tasks could be triggered on-chain, which reduces the number of steps involved.
This work builds on Project Guardian, a separate initiative launched in 2024 with the Monetary Authority of Singapore, UBS Tokenize, and Chainlink.
Swift, a cooperative owned by banks, has been at the center of global money transfers since the 1970s. It first partnered with Chainlink in 2023 to test how its network could serve as a single point of access to various blockchains.
Meanwhile, a new project led by UK Finance recently explored the use of digital versions of traditional bank deposits linked to the British pound. What is the goal of the project? Read the full story.
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