Chainlink teams up with 47 South Korean, European banks to speed up international money transfers
A total of 47 banks across South Korea and Europe have entered into a partnership with Chainlink to accelerate cross-border money transfers, according to a report published by CoinDesk. The collaboration aims to leverage Chainlink's blockchain infrastructure to streamline international payment processes that have historically been hampered by slow settlement times and high operational costs.
Chainlink, best known for its decentralized oracle network that connects blockchain smart contracts with real-world data, has been expanding its presence in traditional finance. The company has previously worked with major financial institutions on proof-of-concept projects involving tokenized assets and interoperability solutions, positioning itself as a bridge between legacy banking systems and blockchain technology.
The involvement of 47 institutions spanning two major financial regions signals growing institutional appetite for blockchain-based payment infrastructure. Cross-border transfers remain a significant pain point for banks and their customers, with transactions often taking multiple business days to settle through the existing SWIFT-based correspondent banking system. Distributed ledger solutions have long been proposed as a remedy, and this partnership represents one of the larger coordinated efforts to implement such technology at scale.
Market observers will be watching to see whether the initiative produces measurable reductions in transfer times and costs, and whether additional financial institutions from other regions move to join the network in subsequent phases of the project.
Source: CoinDesk
