Chainlink’s Sergey Nazarov Announces SWIFT Integration Launch[embed]https://www.youtube.com/watch?v=AAfmgbmoAgs[/embed]

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    <p>Sergey Nazarov, the founder of Chainlink (LINK), announced that a significant achievement has been accomplished in their collaboration with payment behemoth SWIFT.</p>
    <p>During a recent keynote at the Sibos 2024 event in Beijing, Nazarov <a href="https://www.youtube.com/watch?v=AAfmgbmoAgs" rel="noopener" target="_blank">stated</a> that Chainlink has created a framework that integrates traditional finance (TradFi) with blockchain capabilities.</p>

    <p><em>“For many years, we've been working with SWIFT to enable the use of SWIFT messages and standards, facilitating efficient interactions with blockchains while minimizing additional investments required from your institutions.”</em></p>
    <p><em>“I’m pleased to announce that the diagram we shared during the second pilot with SWIFT last year is now a reality. We're currently in the pre-production phase, ready to offer solutions that you can start implementing with your existing institutional systems.”</em></p>
    <figure id="attachment_306563" aria-describedby="caption-attachment-306563" style="width: 2359px" class="wp-caption alignnone"><img decoding="async" class="wp-image-306563 size-full" src="https://dailyhodl.com/wp-content/uploads/2024/10/chainlink1.jpg" alt="" width="2359" height="1330" srcset="https://dailyhodl.com/wp-content/uploads/2024/10/chainlink1.jpg 2359w, https://dailyhodl.com/wp-content/uploads/2024/10/chainlink1.jpg?resize=300,169 300w, https://dailyhodl.com/wp-content/uploads/2024/10/chainlink1.jpg?resize=768,433 768w, https://dailyhodl.com/wp-content/uploads/2024/10/chainlink1.jpg?resize=1024,577 1024w, https://dailyhodl.com/wp-content/uploads/2024/10/chainlink1.jpg?resize=1536,866 1536w, https://dailyhodl.com/wp-content/uploads/2024/10/chainlink1.jpg?resize=2048,1155 2048w, https://dailyhodl.com/wp-content/uploads/2024/10/chainlink1.jpg?resize=750,423 750w, https://dailyhodl.com/wp-content/uploads/2024/10/chainlink1.jpg?resize=1140,643 1140w" sizes="(max-width: 2359px) 100vw, 2359px"/><figcaption id="caption-attachment-306563" class="wp-caption-text">Source: Chainlink/YouTube</figcaption></figure>
    <p>Nazarov elaborated that in this new framework, the early stages of a transaction will take place using traditional SWIFT systems before Chainlink technology brings the details on-chain and converts it into a blockchain transaction.</p>
    <p><em>“The operational process of the system – and how it will fully function for your systems during transaction execution using SWIFT messages and standards – involves a pre-settlement phase. During this phase, all parties agree on the transaction's specifics through standard SWIFT messages regarding settlement status, intent, and objectives of the transaction. This is still conducted over the SWIFT network.”</em></p>
    <p><em>“The subsequent phase is where things get intriguing. To execute a digital asset transaction, whether it involves a tokenized fund, real-world asset, central bank digital currency, or other on-chain assets, interaction with a blockchain is essential. Here is where Chainlink steps in to address the crucial challenge of transforming SWIFT messages into actionable blockchain events.”</em></p>
    <p>As of now, Chainlink is trading at $11.24, down nearly 7% over the past 24 hours.</p>
    <p></p>

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