SWIFT to Test GPI Payments with Blockchain Distributed Ledger Technology Trial with R3 Integration

SWIFT Announces Distributed Ledger Technology Trial Integration With R3

The revolution is today. Now, even SWIFT is ready to use the blockchain technology. The global payments network, which exists for decades, is now testing GPI payments using R3’s Corda platform.

Related NewsSBI Holdings and R3 Looking to Increase Corda License Adoption With Latest Partnership

Gottfried Leibbrant, the CEO of SWIFT, was the first one to make the announcement at the Paris Fintech Forum. He hinted at the partnership, which was followed by the proper announcement. The SWIFT GPI Link gateway will be interlinked with Corda in order to be able to monitor payment flows and support APIs using the SWIFT and ISO standards.

According to Gottfried, the GPI platform is very open and easy to link with other networks, so linking it with a blockchain technology can be a new and exciting experience in which you can use another platform to initiate payment and then use the GPI.

The Trial

Basically, the idea is to link the GPI Link and Corda to authorize payments via the two sides. GPI payments will be settled by the banks and the credit confirmations will be sent. If the trial is successful, other blockchains and even e-commerce platforms may be added later.

The GPI Link will be directly linked to the Corda Settler, a new technology created by R3. Initially, the Corda Settler would use Ripple’s technology to make international settlements. Brad Garlinghouse, the CEO of Ripple, was on the stage with the CEO of SWIFT, which has criticized the “aging architecture” of SWIFT often. However, now this technology will be directly linked with SWIFT.

The Chief Marketing Officer of SWIFT, Luc Meurant, has affirmed that the connection will provide a quick and transparent route for settlements and that Corda seems to be a natural choice for a partnership.

In fact, streamlining international transactions and making them more transparent is part of the obvious goal of SWIFT here. Instead of competing with the blockchain, SWIFT is eager to absorb it and create something better together.

SWIFT And The Blockchain

SWIFT has a network of more than 10,000 banks. It is the largest and most important money transmitter entity in the world and companies like Ripple are constantly trying to topple it. While SWIFT has already had some experience with blockchain pilots in the past, no one was ever very successful.

While this is only a proof of concept plan and there is plenty of space for the real revolution to happen later, it is remarkable that SWIFT is accepting the blockchain technology so fast. We have seen banks trying to attack cryptocurrencies so many times that most would expect SWIFT to see the technology as an enemy, not a possible ally and it is great that this is what is happening.

SWIFT was doubtful about the blockchain technology just some time ago and people from the company often claimed that it was not that disruptive. It looks like things have changed quite a bit since then, though, as this trial with the Corda platform is the ultimate proof that SWIFT is now betting on the blockchain technology.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Gabriel Machadohttps://bitcoinexchangeguide.com/
Brazilian journalist who is interested in the future of the financial world. Has a special interest in the blockchain technology and the global financial markets. Covers economic and technology news with a focus on the fintech industry and has been writing about the cryptocurrency market since the start of 2017.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,472FansLike
2,795FollowersFollow
4,195FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Bitcoin to Follow the Equities Market Up or Down? One-Month Correlation Spikes to an All-Time High

Yet another week of weak price movement. The world’s leading digital asset is trading at $9,072, in red with 24 hours ‘real’ volume of just...

Public Mint Launches Its Blockchain; Over 200 Banks Plan to Support Its Digital Money

vPublic Mint, a firm founded by CNET founder Halsey Minor, has announced the launching of its ‘fiat-native’ public blockchain, which enables anyone to easily...

BTC Halving Week Brings in Record Monthly New Accounts & Doubles the Revenue for BlockFi

The past two months have been incredibly dull for the price of bitcoin, but it didn’t affect the businesses in the cryptocurrency space. The...

Currencycloud Partners with Ripple to Leverage RippleNet for Efficient Cross-Border Payments

Currencycloud - one of the global payment processing giants - has become the latest member of the RippleNet family and would help ripple in...

Coinbase Custody and IOHK Partner to Provide Institutional-Grade Staking For Cardano's ADA in Q4

IOHK, the lead developer of Cardano blockchain, and Coinbase Custody, the institutional-grade custodian launched by Coinbase Inc., announced a partnership to allow users to...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today