Swift is exploring blockchain interoperability, will work with a dozen financial institutions to test tokenized asset transfers

06/06/2023 20:50

Swift, the association for worldwide interbank financial telecommunications, has announced that it is exploring blockchain interoperability to remove friction in the settlement of tokenized assets. Swift will work with more than a dozen major financial institutions and FMIs, including Australia and New Zealand Banking Group Limited (ANZ), BNP Paribas, BNY Mellon, Citi, Clearstream, Euroclear, Lloyds Banking Group, SIX Digital Exchange (SDX) and Depository Trust and Clearing Corporation (DTCC) to test how the company can leverage its existing Swift infrastructure to efficiently direct the transfer of tokenized value across a range of public and private blockchains. The first use case of the trial will involve transferring tokenized assets between two wallets on the same public blockchain network (Ethereum Sepolia testnet). The second use case involves transferring tokenized assets from a public blockchain (Ethereum) to a permissioned blockchain. The third use case will test the transfer of tokenized assets from Ethereum to another public blockchain, where Chainlink will be used as an enterprise abstraction layer to securely connect the Swift network to the Ethereum Sepolia network, while Chainlink’s The Chain Interoperability Protocol (CCIP) will enable full interoperability between the source chain and the target blockchain.

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Swift is exploring blockchain interoperability, will work with a dozen financial institutions to test tokenized asset transfers

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