Chainlink said on September 28 that financial institutions can now connect their internal systems and transaction-signing infrastructure to Swift's blockchain ledger for tokenized-deposit workflows. The setup keeps each bank's signing keys under its own control while Chainlink coordinates the ledger workflow, building on a July pilot that already counts 17 banks.
Chainlink announced on September 28 that financial institutions can connect their internal systems and key-signing infrastructure to Swift's blockchain ledger through its platform. The move targets institutions working with tokenized deposits, bank-issued liabilities that stay recorded on the issuing bank's own ledger.
Self-signing keeps keys with the banks
The arrangement runs on the Chainlink Runtime Environment, or CRE, using a self-signing model that orchestrates workflows between an institution's own ledger and Swift's ledger. Each institution retains control of the keys that authorize its transactions, so deposits do not move onto a shared Chainlink ledger. Final settlement still runs through mechanisms the participating parties agree on, such as real-time gross settlement systems.
Seventeen banks already preparing pilots
Swift's blockchain ledger moved from concept to activation in nine months, and by its July 9 release 17 banks across six continents were preparing to pilot live tokenized-deposit transactions. That pilot group does not mean every bank will use Chainlink's integration, but it marks the scale of the initial testing cohort. Swift's broader network, by contrast, connects more than 11,500 financial institutions and corporates across more than 200 markets, far beyond the current pilot stage.
Building on earlier interoperability tests
The ledger connection extends work Swift and Chainlink began in 2023, when more than a dozen financial institutions and market infrastructures used Chainlink's Cross-Chain Interoperability Protocol alongside Swift messaging standards. Those earlier tests demonstrated interoperability between traditional finance and blockchains, whereas the new announcement connects institutional systems and signing infrastructure to Swift's ledger. The progression reflects the practical problem both sides are addressing: coordinating tokenized-deposit workflows while banks keep control of their own ledgers and transaction-authorizing keys.
Source: PR Newswire
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