Bottomline, a top-three provider of Swift services, has partnered with Chainlink to give more than 600 bank customers access to blockchain-based cross-border settlement.
The deal is one of the largest efforts yet to link the Swift messaging network, which banks have relied on for decades, with public and private blockchains, according to a report from Bitcoin.com.
According to Bitcoin.com, Bottomline processes more than $16 trillion in payments annually and serves over 600 banks, 1,200 financial institutions and 10,000 businesses worldwide.
How the setup works
- Banks continue sending payment instructions through ISO 20022, the global messaging standard.
- Chainlink's technology connects these instructions to blockchain-based settlement.
- Bottomline's network of over 600 banks, 1,200 financial institutions and 10,000 businesses gains access to the new setup.
