Westpac Bank of Australia Deploys Chainlink Technology in Acacia Project to Develop Cross-Chain Crypto Asset Payment Solution
Recently, the decentralized oracle platform Chainlink confirmed that Westpac Institutional Bank – the investment and institutional banking division of Westpac Financial Group, one of the four "Big Four" banks in Australia – along with the financial technology company Imperium Markets, has deployed the Chainlink solution within the Acacia project. This project is a collaborative initiative between the Reserve Bank of Australia (RBA) and the Digital Finance Cooperative Research Centre (DFCRC), with the goal of realizing a secure, efficient, and interoperable tokenized asset payment process across blockchain networks and the PayTo payment system.
The Acacia Project is considered a breakthrough in the digital transformation of the financial sector in Australia. By integrating Chainlink – a world-leading oracle protocol that provides real-time and secure data for smart contracts – the tokenized asset payment system in the project can seamlessly connect different blockchains and traditional financial infrastructure.
Specifically, Chainlink helps establish a data bridge between automated payment systems like PayTo – a new payment platform developed by NPP Australia, which allows users to set up directly authorized periodic payments from their bank accounts – and blockchain networks where assets are tokenized, traded, or stored. This solution promises to reduce latency, increase accuracy, and enhance security for complex financial transactions involving digital assets.
