Chainlink and Swift accelerate tokenized fund management by traditional system with UBS

By Hannah Pérez

Chainlink and Swift are associated to accelerate tokenization next to the UBS bank. They develop a tokenized fund management system through the existing interbank messaging standard of Swift.

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• Chainlink and Swift connect the traditional financial system with blockchain, without complex updates.
• They develop tokenized fund management system by SWIFT messaging standard.
• Try the pilot solution next to the UBS bank.
• It is part of Swift’s recent efforts to advance Blockchain technology.

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Banks can now interact with tokenized funds through the traditional interbank messaging system, Swift.

Chainlink and Swift They have expanded their collaboration to facilitate the management of tokenized funds, allowing financial institutions to process subscriptions and reimbursements directly from their existing systems, without the need for expensive updates.

The advance was demonstrated in a Operating pilot with Ubs Tokenizethe Swiss bank tokenization unit UBSaccording to reports COINDESK and The Blockwhere a system of Chainlink processed operations for a tokenized background by means of the standard of Swift.

The system integrates the Chainlink Runtime Environment (CRE) with the financial messaging network of Swiftwhich uses messages compatible with the ISO 20022 standard. Upon receiving these messages, believe active events of intelligent contracts in the Chainlink Digital Transfer Agent (DTA) standard, triggering on-chain workflows (in chain) for tokenized funds.

“This shows how institutions can access block chains without updating their infrastructure, identity processes or solutions and key management“He explained Chainlink In a statement cited by The Block.

Chainlink updates the existing financial messaging model

The pilot, which extends previous works with the Project Guardian initiative of the Central Bank of Singapore, highlights the interoperability between traditional systems and technology Blockchain underlying cryptocurrencies.

Sergey Nazarov, co -founder of Chainlinkhe stressed about it: “I am very excited about this historical innovation, which takes advantage of SWIFT standards and the design of tokenized assets of UBS, demonstrating how smart contracts allow entities as transfer agents managing chain workflows and exploring new composability in the product life cycle“

This solution is positioned as “ready to use” for the global fund industry, valued in more than USD $ 100 billion, facilitating the mass adoption of Blockchain. Swiftwhose network connects more than 11,000 institutions in more than 200 countries and manages billion in cross -border payments, acts as a reliable main infrastructure.

Swift efforts to advance blockchain

The announcement is close to another pilot of Chainlinkcompleted this week, which uses CRE and Swift to process corporate actions – as dividend payments or fusion updates – with artificial intelligence. This involved models like GPT of OpenAI, Gemini of Google and Claude of Anthropictogether with participants such as DTCC, Euroclear, UBS, DBS and BNP Paribasaddressing a headache that costs the industry about 58 billion dollars annually.

In parallel, Swift progress on your own network Blockchain For cross -border payments, in collaboration with Consensys “Development.” MetamSk and Line– And more than 30 global banks, including Bank of America, HSBC and BNP Paribas. This project seeks interoperable infrastructure and according to regulations, reinforcing the role of Swift in the convergence of traditional and digital finance.

These developments underline how Chainlink —A decentralized network of oracles that connects Blockchains with real world data— and Swift– a renowned actor of the traditional financial industry – they are paving the way for traditional institutions to adopt Blockchain on scale, enhancing efficiency and innovation in the financial sector.

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Article written with the help of AI, edited by Diariobitcoin

Image of Unspash, edited

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