Banking cooperative Swift has launched an initiative designed to bring interoperability to the blockchain market.

The new project follows in the wake of a proof-of-concept conducted last year with fintech Chainlink on the development of a cross-chain interoperability protocol (CCIP).

Chainlink will again be involved in the project along with more than a dozen financial institutions and market infrastructures, including Euroclear, Clearstream, Depository Trust & Clearing Corporation, SIX Digital Exchange, BNP Paribas, BNY Mellon and Citi.

Swift serves as the messaging network for interbank payments and is looking to fulfil a similar role in the digital assets world.

Should it successfully develop the CCIP, it would connect Swift to multiple blockchain networks and place the organisation at the heart of the digital assets market.

This ambition is based on the belief that a multitude of different blockchain platforms will emerge, all with their own bespoke capabilities rather than one prevailing network.

“In such a highly fragmented ecosystem, it would simply not be feasible for financial institutions to connect to each and every platform individually,” said Swift’s chief innovation officer Tom Zschach.

“That’s why the community is working with Swift to develop an interoperability model that would enable access to different platforms globally.”

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