ChainLink Token (LINKUSD)

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Are SWIFT working with Chainlink? (See SWIFT at bottom for who they are).

Chainlink have always been relatively secretive about their work with Swift in terms of releasing details about the partnership. The Smart Contract website states that “We’re proud to be working with SWIFT on their own SWIFT Smart Oracle. Allowing smart contracts on various networks to make payments, send governance instructions, and release collateral with over 11,000 banks.” Swift have also never confirmed on their website that they are working with Chainlink or Smart Contract.

The Swift Chainlink partnership started back in 2016 when Smart Contract (Chainlink) won an award at the Innotribe Industry Challenge, an event run by Swift.



Take a look at this presentation from the Sibos 2017 conference showing how SWIFT embarked on a project with Chainlink in order to connect off chain data with the Blockchain.


SmartContract.com Presentation of SWIFT smart contracts using oracles.

https://create.smartcontract.com/sibos17

The project was a success and it allowed Smart Contracts to make payments using the Swift Network, this was done with huge financial institutions such as Santander, Barcalys, BNP and Fidelity. When fully implemented this would allow Smart Contracts to pay money to thousands of bank accounts, these Smart Contracts would require a link to bridge the gap between the Swift API and the Blockchain on which they are stored on.

At the Chainlink meetup in Paris 2019 it was announced how the Swift Chainlink partnership would work with a dedicated “Swift Chainlink Oracle” for making payments. You can see more details about the Swift Chainlink integration here.

Furthermore, Swift announced last year that they will let Blockchain products use their GPI platform for near real time payments. These Blockchain products will all need to be connected to the off chain Swift API. This is another huge opportunity for Chainlink, who could bridge this gap for these Blockchain products.

What would the Swift Partnership mean for Chainlink?
Full integration with Swift would significantly broaden Chainlink’s use cases on the global stage. In 2019 alone, $77 trillion in value was sent over Swift GPI. This could dramatically increase the demand and need for Chainlink oracles across the sector.

Could Swift be trying to hide or white label Chainlink behind their GPI? What do you think this would mean for the project as a whole? Would the price of $link be affected without the public awareness?

Sergey Nazrov once said he thinks that Chainlink will become the standard Oracle Solution for Smart Contracts. Could Swift be the next step in Chainlink becoming this standard?

https://www.uxsequence.io/news/swift-chainlink-integration/
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Who are Swift?
The Society for Worldwide Interbank Financial Telecommunications. Swift is the world’s leading provider of secure financial messaging services. But what does this actually mean?

They don’t hold funds or even manage any accounts on behalf of customers and it’s not a payment network, but 33.6 million transactions go through the network every day?

Swift passes messages between banks in a very secure manner, these messages state the details of all international transactions. It’s crucial that Swift is secure because if the platform gets hacked then transactions can be redirected to different bank accounts.

Ever made a transfer or received money from overseas? You may have used a Swift code or number in order to complete these transactions. These codes are made up of a bank, country, location and branch codes.

It is considered to be the current standard for international transfers and is used across the world, with over 11,000 institutions using Swift daily.