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The Brazilian financial giant Banco Inter and Chainlink completed a blockchain-based pilot that allowed the central banks of Brazil and Hong Kong to settle a cross-border business transaction in real time using digital currencies and smart contracts.
The test was part of Phase 2 of the Drex digital currency initiative of the Central Bank of Brazil, which aims to create a digital version of the Brazilian real. It connects Brazil’s Drex network with Hong Kong’s Ensemble platform, overseen by the Hong Kong Monetary Authority (HKMA).
Chainlink’s infrastructure provided the connection between the two systems, according to a press release shared with CoinDesk, allowing funds and asset records to move across jurisdictions in a single, automated workflow.
“By using Chainlink to connect the BCB, the HKMA and trade finance platforms, we are building a more connected financial ecosystem that has the ability to support the future of global trade,” said Bruno Grossi, Head of Digital Assets at Banco Inter.
The pilot featured testing of delivery versus payment (DvP) and payment versus payment (PvP) models. These mechanisms allow the simultaneous transfer of goods and payments, reducing the risk of liquidation.
The system also supports conditional payments and payments, such as the release of funds when a specific part of the business process is confirmed.
Supporting organizations include Standard Chartered, the Global Shipping Business Network (GSBN) and 7COMm. GSBN’s platform handled electronic bill of lading (eBL) updates as part of the payment process.
The project is positioned as a potential basis for a more inclusive business financing ecosystem. By removing manual processes and improving coordination between platforms, the solution could reduce costs for banks and exporters, especially smaller businesses.
The partners now plan to expand the tests to cover additional business models and connect to more financial institutions.
