Bottomline, one of the biggest SWIFT service providers, says it is teaming up with Chainlink to bring blockchain-based cross-border settlement to its banking clients. Big step. The deal links more than 600 banks to decentralized settlement rails through Chainlink’s infrastructure.
Bottomline handles more than $16 trillion in payments every year and works with 1,200 financial institutions and 10,000 businesses. With this integration, banks can stick with the ISO 20022 messaging standard, while Chainlink’s tech converts those instructions into blockchain settlements.
Chainlink’s Cross-Chain Interoperability Protocol, or CCIP, is the piece that enables tokenized value transfers between different blockchain networks. The Chainlink Runtime Environment (CRE) handles payment flows, transaction routing, and operational changes. CCIP has been logging mainnet activity since July 2023 and now links more than 60 blockchain networks.
Elsewhere, Chainlink’s Project Pangea has already brought in 50+ banking institutions across Europe and South Korea, and those participants together oversee more than $10 trillion in assets. The target is T+0 settlement for foreign exchange trades.