SWIFT, a key component of the legacy banking system has come out with an announcement stating they have solved the challenge of interoperability between different networks. This development is announced just days after SWIFT said that they became partners with Chainlink.
“Following experiments involving the central banks of France and Germany as well as HSBC, NatWest, Standard Chartered, UBS and Wells Fargo, SWIFT said it has carried out transactions between different blockchain networks, using both CBDCs and fiat currencies.”
“Blockchain networks could be interlinked for cross-border payments through a single gateway,” SWIFT said Wednesday. “SWIFT’s new transaction management capabilities could orchestrate all inter-network communication.”
SWIFT is a messaging system that is used in 200 countries by more than 11,000 financial institutions. It has been the legacy cross border payment system for more than 50 years. Established during the time that telegraphs were still being leveraged all over the United States.
This is what silicon valley tech startup Ripple is trying to takeover by using a neutral bridge asset, XRP, which is currently live in 23 countries through On-Demand Liquidity (ODL). Now it appears that SWIFT’s Chainlink partnership is the response to Ripple’s disruption to stay relevant in the financial world in the long term.
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