According to a Chainlink announcement via ChainCatcher, SWIFT, in collaboration with UBS Asset Management, has successfully completed a key interoperability test with BNP Paribas, Intesa Sanpaolo, and Société Générale, enabling seamless settlement of tokenized assets between traditional payment systems and blockchain platforms. This pilot covered Delivery versus Payment (DvP) settlement, interest payments, and redemption processes, marking significant progress for SWIFT in harmonizing on-chain and off-chain financial systems. The initiative focuses on critical processes such as DvP settlement, interest payments, and redemption of tokenized bonds, involving roles like payment agents, custodians, and registrars. The project builds upon an earlier pilot conducted by SWIFT and Chainlink under the Monetary Authority of Singapore's (MAS) "Project Guardian," demonstrating how financial institutions can leverage existing SWIFT infrastructure to facilitate off-chain cash settlement for tokenized funds.
Swift, Chainlink, and European Banks Complete Tokenized Asset Interoperability Pilot
ChaincatcherShare
Summary
Swift, Chainlink, and European banks have completed a pilot on interoperability for tokenized assets. The test, involving UBS Asset Management, BNP Paribas, UniCredit, and Société Générale, focused on DvP (Delivery versus Payment) settlement, interest payments, and redemption processes. The project explored interoperability protocols to connect traditional payment systems with blockchain platforms. It builds on a prior pilot under Singapore's Guardian Programme, demonstrating how Swift infrastructure can support off-chain cash settlement for tokenized funds.
Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information.
Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.