SWIFT to Trial Blockchain Tech for Remittances

Global banking remittance platform, SWIFT, will soon start testing its GPI payments standard through the Corda platform from R3. R3 is a Blockchain enterprise that helps companies to seamlessly plug-in their operations onto the Blockchain.

SWIFT CEO, Gottfried Leibbrandt whiles speaking at the Paris Fintech Forum yesterday 30th January, 2019 made this known. “Later today, we are announcing an integration with R3” he said.

The firm followed this up with an announcement explaining that it will initially be a trial integration which will link SWIFT’s GPI gateway with Rs’s Corda platform to enabling the monitoring of payment flows and also support Application Programming Interfaces (APIs) – this move is to show a proof-of-concept.

Speaking on this collaboration, R3’s co-founder Todd McDonald said “SWIFT GPI will integrate directly to Corda Settler, the application that allows participants on the Corda Blockchain to initiate and settle payment obligations via both traditional and Blockchain-based rails. This will enable obligations created or represented on Corda to be settled via the large and growing SWIFT GPI network.”

With this, companies will be able to initiate payment instructions from their banks through the GPI link – these payments done via the GPI link will be settled by the companies’ banks and the credit information generated will then be transmitted back to the trade platforms via the GPI link.

The plan is to have this support other Distributed Ledger platforms outside of R3’s trade environment. It will also support non-Distributed Ledger Tech and e-commerce platforms.

David E. Rutter, CEO of R3 in a statement release said;

“Following the recent launch of our Corda Settler, allowing for the payment of obligations raised on the Corda platform, it was a logical extension to plug into SWIFT GPI has rapidly become the new standard to settle payments right across the world. All Blockchain applications running on Corda will thus benefit from the fast, secure and transparent settlement provided through SWIFT GPI banks.”

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