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Chainlink, SWIFT, and Global Banks Push Initiative to Trim $58B Corporate Actions Costs

Chainlink, SWIFT, and Global Banks Push Initiative to Trim $58B Corporate Actions Costs

Chainlink collaborates with 24 financial institutions to streamline corporate actions processing, potentially saving $58 billion annually through blockchain and AI-driven solutions.

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Fact Check
The statement is fully supported by multiple credible primary and secondary sources. Evidence from Chainlink, SWIFT, PRNewswire, and various news outlets consistently confirms a collaboration between these entities and numerous global banks. The initiative's goal is explicitly stated as solving the '$58 billion corporate actions problem'.
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Summary

Chainlink has teamed up with 24 major financial institutions, including SWIFT and DTCC, to reduce the $58 billion annual cost of corporate action processing. By using blockchain and AI technologies, a pilot project produced near real-time unified records, improving efficiency and reducing errors in corporate actions like dividends, stock splits, and mergers. The system achieved nearly 100% data consensus, benefiting participants globally.

Terms & Concepts
  • Chainlink: A decentralized oracle network that connects smart contracts with real-world data and external systems.
  • SWIFT: A global financial messaging network used by banks to securely transmit payment and securities instructions.
  • Corporate actions: Company-initiated events (e.g., dividends, splits, mergers) that require processing by market participants and infrastructure.