Odaily Planet Daily reports that Swift service provider Bottomline has announced a partnership with the blockchain infrastructure project Chainlink to enable blockchain-based cross-border settlement for its more than 600 bank clients. Bottomline processes over $16 trillion in payments annually and serves 1,200 financial institutions and 10,000 enterprises.
Through this integration, banks can continue sending payment instructions using the ISO 20022 standard, with Chainlink’s infrastructure connecting these instructions to blockchain settlement. Chainlink’s Cross-Chain Interoperability Protocol (CCIP) enables the transfer of tokenized value across different blockchain networks, while Chainlink’s Runtime Environment (CRE) manages payment processing, transaction routing, and coordination of operational changes.
CCIP has been recording mainnet activity since July 2023 and is now connected to over 60 blockchain networks. Chainlink’s Project Pangea has onboarded more than 50 financial institutions across Europe and South Korea, with participants collectively managing over $10 trillion in assets; the project aims to enable T+0 settlement for foreign exchange transactions. (Bitcoin.com News)