Chainlink, UBS Advance $100T Fund Industry Tokenization via Swift Workflow

Chainlink has launched a solution enabling banks to engage with tokenized investment funds using Swift, a key messaging system in traditional finance. This solution utilizes Chainlink's Runtime Environment (CRE) to process subscriptions and redemptions for tokenized funds, allowing institutions to harness blockchain infrastructure without abandoning existing tools. In collaboration with UBS, the pilot processes transactions through ISO 20022 messages, the standard for financial messaging under Swift. By triggering blockchain workflows directly from UBS's systems upon receiving Swift messages, the solution simplifies access to blockchain innovations. This pilot builds on previous initiatives like Project Guardian, a tokenization project initiated by Singapore's central bank, and aims to tap into the significant potential of the $100 trillion global fund industry. Aside from enhancing interoperability, the project seeks to mitigate costs associated with traditional financial data processes, which are currently estimated to burden the industry with $58 billion annually.

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