Chainlink’s AI-powered communications tool shows promise at streamlining corporate actions, data sharing globally
Chainlink is providing a deeper look into its attempts at improving the global financial industry by inking deals with the largest market infrastructure providers, such as DTCC, Swift, and Euroclear, among others, as well as major banks UBS, DBS Bank, BNP Paribas' Securities Services, and more.
On Monday, the crypto oracle announced the completion of the second phase of its pilot program to reduce inefficiencies in everything from data processing to other corporate actions. The program used large language models — including OpenAI's GPT, Google's Gemini, and Anthropic's Claude — to feed structured data into a “unified golden records onchain,” serving a “source of truth” for all participants.
The move marks the "second phase of an industry initiative to standardize and streamline corporate actions processing using a combination of the Chainlink oracle platform, blockchain technology, and artificial intelligence (AI)," according to the release.
Chainlink is a decentralized oracle network that enables smart contracts on blockchain platforms to securely interact with real-world data, APIs, and payment systems. The system theoretically saves 10s of billions of dollars in processing costs annually by reducing settlement errors, producing faster reconciliations, and lowering operational risk for financial institutions.
The problem of speed and execution is increasingly acute for legacy operations. In one study cited in Monday’s press release, Citi found that the average corporate action event touches more than 110,000 firm interactions and costs $34 million to process, "with 75% of market participants still relying on manual data revalidation."
In contrast, running the Chainlink Runtime Environment "orchestrated the validation of multiple AI model outputs" that were then transmitted to the Swift Network using an ISO 20022-compliant messaging format that should be recorded and cryptographically attested on DTCC's blockchain ecosystem as well as additional public and private networks,” not only creating verifiable records, "100% data consensus," but enabling broader global coverage.
ANZ, Wellington Management, Schroders, Zürcher Kantonalbank, Vontobel, CTBC Bank, Causeway Capital Management, Sygnum Bank, AMINA Bank, and Zand Bank were also part of the study.
Perhaps most notably, the study produced early results for asset tokenization, an accelerating part of the crypto ecosystem, where financial institutions look to move traditional assets — from equities to real estate title — onchain.
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