Chainlink expands industry initiative with 24 banks to cut $58B corporate actions cost

Chainlink announced that it has partnered with 24 prominent financial institutions, including DTCC, SWIFT, and Euroclear, to reform corporate actions processing. This initiative leverages a blockchain oracle platform that combines artificial intelligence (AI) and distributed ledger technology (DLT). The goal is to provide structured and validated corporate actions data in multiple languages, significantly reducing processing times from days to minutes. Currently, the financial sector incurs about $58 billion annually on corporate actions with automation rates under 40%. The initiative follows a successful 2023 pilot where Chainlink and several banks demonstrated the use of large language models for processing unstructured data. In the project's second phase, the Chainlink Runtime Environment (CRE) converts AI outputs into ISO 20022-compliant messages, disseminating confirmed records across various blockchain networks. This enhances simultaneous access for custodians, post-trade systems, and smart contracts, achieving near-total data consensus among AI models and supporting multilingual disclosures across jurisdictions.

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