Chainlink Partners With Swift to Launch a New Blockchain Payment Solution
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Chainlink, a decentralized Oracle provider, and Swift, a global messaging network used by traditional financial institutions, are set to introduce a new Blockchain integration. This payment solution, according to Sergey Nazarov, a co-founder of ChainLink, will help in simplifying crypto payment for banking institutions using established infrastructure.
Furthermore, this payment system will work through the chainlink’s cross-chain interoperability protocol to promote end-to-end privacy. However, this collaboration will make use of the Swift message standard established with financial institutions to close the gap between traditional finance (TradFi) and decentralized finance (DeFi).
Enabling Faster On-chain Payment
In a conference organized by Swift in Beijing, China, Sergey Nazarov re-iterated the working advantages of the collaboration. The co-founder mentioned that the settlement solution will enable transaction confirmation using Swift’s already established messaging standard used by the banking institutions.
In addition to this, he discussed in the keynote presentation that conversion will use the Chainlink infrastructure after the messaging system has confirmed it. These conversions of messages into ledger events will enable financial institutions to secure assets and initiate payments on-chain
However, it is worthy of note that this collaboration project is in its earliest stages but with great potential. Sergey added.
Introducing the Blockchain Privacy Manager
At the event, Nazarova also elaborated on the Blockchain Privacy Manager (BPM) as a data-preserving attribute that will serve as a strong link between private and public platforms.
The BPM will target banking institutions that request encrypted privacy when using blockchain apps through Chainlink’s CCIP private transactions.
He proceeds by mentioning the problem that lack of privacy has caused in the digital assets industry and how it has served as an obstacle to the adoption of blockchain and crypto by the capital market.
Finally, these new attributes combined with Swift collaboration will enable companies to conduct protected exchanges, including transactions of private tokenized assets and even inter-border payments.
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