Project Guardian successfully completed a pilot of off-chain settlement of tokenized asset transactions through SWIFT’s payment infrastructure.
SWIFT, UBS, and Chainlink announced the successful completion of a pilot project to explore the integration of tokenized fund transactions with existing fiat payment systems.
Tokenized fund transactions were settled using SWIFT’s existing payment infrastructure, which covers more than 11,500 financial institutions in over 200 jurisdictions.
The key feature of the project was the ability to execute tokenized asset transactions with fiat off-chain settlement using traditional payment infrastructure and the Chainlink platform. The project successfully leveraged the experience of UBS Asset Management and SBI Digital Markets in creating a Digital Subscription and Redemption system for tokenized funds.
The SWIFT infrastructure enabled real-time subscription to tokenized investment funds and redemption of assets, bringing automation, economics, and transparency to the process. At the same time, the use of Chainlink’s blockchain oracles enabled end-to-end payment processing without the need for on-chain transactions.
Jonathan Ehrenfeld, Head of Strategy at SWIFT, said in a press release that for tokenized assets to be accepted globally, they must integrate seamlessly with both existing payment systems and digital currencies. And the completed project was designed to do just that.
Max Krupyshev, CEO of CryptoProcessing.com, noted during the Purpose Driven FinTech podcast the active development of the financial technology sphere today. He said that there’s a huge amount of money being invested in the industry. Meanwhile, FinTech companies that are growing and developing are making a big impact on the financial market and ultimately helping a lot of people.
The pilot was conducted as part of Project Guardian under the auspices of the Monetary Authority of Singapore (MAS), whose officials recently announced plans to promote tokenization in the financial services industry.
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