The Society for Worldwide Interbank Financial Telecommunications (SWIFT) has partnered with Chainlink Labs’ Cross-Chain Interoperability Protocol (CCIP) to improve the efficiency of traditional finance (TradFi) on the blockchain.

Chainlink co-founder Sergey Nazarov announced this Wednesday at the SmartCon 2022 conference in New York City on September 29.

SWIFT provides global businesses with one of the strongest financial information infrastructures, an interbank messaging system that enables cross-border payments.

The platform helps encode information so that members who sign up to its platform can easily understand it. The SWIFT system currently has more than 11,000 users in 200 countries.

To bridge the gap between traditional and digital assets of TradFi institutions and enable more traditional financial participants (TradFi) to access a variety of digital and traditional assets in a network that can connect different types of asset classes, this partnership will enhance interoperability to benefit capital. market institutions.

CCIP will allow SWIFT messages to indicate on-chain token transfers, helping interbank networks communicate across blockchain environments.

Jonathan Ehrenfeld Solé, chief strategy officer at SWIFT, said that one of the reasons for the success of the partnership with Chainlink at CCIP is the “undeniable interest” in CRYPTOCURRENCIES of institutional investors.

Chainlink is a decentralized Oracle network built on top of the Ethereum network, founded by CEO Sergey Nazarov.

The Chainlink network has made a name for itself by providing trusted, tamper-proof data for complex smart contracts on any blockchain.

Built on the Ethereum ERC-20 standard, LINK is the native token of the Chainlink ecosystem. Node operators are paid in LINK for securing the network by staking the token. This encourages honesty and integrity between nodes, as penalties are incurred for dishonesty.

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