Swift’s tokenized fund settlement pilot with UBS and Chainlink deemed a success

Swift’s tokenized fund settlement pilot with UBS and Chainlink deemed a success
фото показано с : cryptoslate.com

2024-11-6 18:35

Swift, the global bank messaging network, announced on Nov. 5 that it has concluded a pilot program to streamline tokenized fund settlement and redemption using fiat currency on its network in collaboration with UBS Asset Management and Chainlink.

This initiative aims to link digital asset transactions with existing fiat payment systems, reaching over 11,500 financial institutions globally in more than 200 countries.

According to Swift, traditional funds often encounter ineffective subscription and redemption processes, which require manual intervention, delay settlements, and lack real-time transparency. These challenges contribute to higher operational costs, reduced liquidity, and missed investment opportunities, particularly in the mutual fund market.

Through the pilot, financial institutions explored using blockchain technology to automate and speed up these processes. Leveraging Chainlink’s platform alongside Swift’s network, the program enabled efficient, on-chain processing for tokenized fund subscriptions and redemptions without needing direct on-chain payment. The result was a streamlined, automated fund subscription and redemption process.

Expanding on cross-chain tokenized funds

This pilot builds on prior efforts by UBS Asset Management and SBI Digital Markets, which focused on digital subscription and redemption systems for tokenized funds. This aligns with Singapore’s Monetary Authority’s (MAS) Project Guardian, which brings together regulators and industry leaders to explore innovations in digital finance.

The pilot used Swift’s infrastructure to demonstrate end-to-end payment orchestration for fund subscriptions and redemptions. Chainlink’s platform was used to coordinate transactions and fulfill the conditions necessary for UBS’s tokenized investment fund to mint or burn fund tokens on behalf of investors.

Swift’s Head of Strategy, Jonathan Ehrenfeld, noted that the initiative supports seamless integration with existing payment systems and digital currencies. According to Ehrenfeld, this collaboration with UBS Asset Management and Chainlink under Project Guardian leverages Swift’s global network to connect digital assets with conventional systems.

Similarly, Sergey Nazarov, Co-Founder of Chainlink, highlighted the benefits of integrating Swift’s infrastructure to enable off-chain payments for digital assets. He expressed optimism about the upcoming adoption of these capabilities and their potential to increase capital flows and broaden the digital asset user base.

The post Swift’s tokenized fund settlement pilot with UBS and Chainlink deemed a success appeared first on CryptoSlate.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Smart Investment Fund Token (SIFT) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 SIFT

chainlink network swift ubs tokenized fund settlement

chainlink network → Результатов: 126


Фото:

Soneium integrates with Chainlink to advance its capabilities

Soneium, an Ethereum Layer-2 network, has joined Chainlink’s Scale program, according to a Sept. 12 statement shared with CryptoSlate. This move grants the blockchain network’s Minato Testnet access to Chainlink’s Data Feeds and also makes the Oracle network’s Cross-Chain Interoperability Protocol (CCIP) services its canonical cross-chain infrastructure.

2024-9-12 21:30


Zilliqa (ZIL) Enlists Chainlink (LINK) In Building A Real-World Data-Driven Smart Contract Ecosystem

The high-throughput public Blockchain platform, Zilliqa, has announced that it has collaborated with Chainlink, the decentralized oracle network, in a bid to power its smart contracts. With this new move, Chainlink, which basically links smart contracts with real-world data, will help Zilliqa establish an ecosystem of data-powered smart contracts. Zilliqa Is A Sharding-First Blockchain Platform […]

2019-8-1 17:50


Zilliqa smart contracts will utilize Chainlink decentralized oracle network

Zilliqa smart contracts will utilize Chainlink decentralized oracle network » CryptoNinjas Zilliqa, the high-throughput public blockchain platform, has now announced it is integrating with Chainlink, a decentralized oracle network that connects smart contracts with real-world data, to enable an ecosystem of data-driven smart contracts.

2019-7-31 05:34


Credits Incorporates ChainLink’s Oracle In Its Quest To Develop Blockchain Key Solutions

Credits, the fast and super-scalable DApps-oriented Blockchain platform, and Chainlink are coming together to jointly develop the next revolutionary tech advancements for Blockchain. This latest development is coming at a time when Chainlink, a Blockchain-powered Oracle network provider for Smart Contracts, has been dominating the space.

2019-7-2 00:34


Фото:

Layer 2 Blockchain Scaling Platform Matic Teams up with Chainlink

In a Medium post published on June 12, 2019, layer two blockchain scaling platform Matic Network (MATIC) announced its partnership with decentralized oracle platform startup Chainlink. Scalability with Smart Contracts Matic Network, a decentralized layer two blockchain scaling solution that uses a Plasma-powered sidechain network and Proof-of-Stake (PoS) consensus protocol to secure digital assets, isRead MoreRead More.

2019-6-13 17:00


GoChain blockchain to integrate oracle services from Chainlink

GoChain, a blockchain network protocol, announced today it is teaming up with Chainlink to integrate its oracle services capable of bringing real-world data onto the GoChain blockchain. Smart contracts that offer provably secure access to data feeds, APIs and payments are a critical component in providing enterprise blockchain solutions that are compatible with legacy infrastructure. Chainlink […]

2019-6-12 04:05


Chainlink Mainnet Plans to Launch May 30th On Ethereum Network as LINK Price Skys to $0.84

Chainlink CEO Sergey Nazarov has announced that they are planning to launch the Chainlink Mainnet on Ethereum on May 30th. The announcement took place at Consensus 2019, in New York City. Thrilled to announce that Chainlink Mainnet on Ethereum is going live on May 30th! #chainlink #smartcontract #Consensus2019 #mainnet pic.

2019-5-15 17:02


Facebook’s New Director Of Blockchain Engineering Is Evan Cheng From Zilliqa & ChainLink

Evan Cheng has been formally selected to be the Director of Blockchain Engineering at the famous social network, Facebook. The blockchain expert has been working with ChainLink and Zilliqa. This time, it will be a lead builder as Facebook enter the distributed ledger market. Cheng To Work On Facebook This is one of the latest […]

2018-7-7 07:40