Bottomline connects to Chainlink: providing blockchain settlement for over 600 banks, processing payments exceeding 16 trillion dollars annually

SWIFT service provider Bottomline announced a collaboration with the blockchain infrastructure project Chainlink to enable over 600 bank clients in its network to access blockchain-based cross-border settlements. Bottomline processes over $16 trillion in payments annually and serves 1,200 financial institutions and 10,000 enterprises.

Through this integration, banks can continue to use the ISO 20022 standard to send payment instructions, with Chainlink's infrastructure connecting the instructions to blockchain settlements. Chainlink's Cross-Chain Interoperability Protocol (CCIP) supports the transfer of tokenized value across different blockchain networks, while Chainlink's Runtime Environment (CRE) is responsible for payment processes, transaction routing, and operational change coordination.

CCIP has been recording mainnet activity since July 2023 and is currently connected to over 60 blockchain networks. Chainlink's Project Pangea has covered more than 50 banking institutions in Europe and South Korea, with participants managing assets totaling over $10 trillion, and the project's goals include achieving T+0 settlement for foreign exchange transactions.