SWIFT reveals details of cooperation with blockchain consortium R3
The Society for Worldwide Interbank Financial Telecommunications (SWIFT) has published information on its website about a previously announced experimental version of the gpi Link interface designed to connect users of its innovative payment solutions (gpi) with a variety of platforms that allow them to “initiate payments, conduct their end-to-end tracking and authenticate payers.” As part of the current project, the idea is being implemented through the Corda blockchain platform, which ensures the speed and transparency of the system.
“All trading platforms require strong links to trusted, fast and secure cross-border payment mechanisms such as gpi. Although payments using distributed ledger technology are already beginning to be applied in practice, interest in payments in cryptocurrencies is still small, – said SWIFT Marketing Director Luc Meurant. – Thanks to gpi Link, banks will be able to provide fast and transparent settlement services in the field of e-commerce and trading platforms. Given the popularity of the Corda platform in the trading ecosystem, the choice of R3 to implement this prototype was natural. “.
As part of the project, corporate users will be able to use the gpi Link interface to authorize their banks’ payments, make settlements through banks, and obtain credit information from the respective trading platforms upon completion of transactions..
Initially, the project will be focused exclusively on working with R3 tools, but in the future it will add support for platforms both using and not using distributed ledger technology. The results of the experiment will be presented at the Sibos conference in London in September 2019.
R3 CEO David Rutter said: “The recently launched Corda Settler platform allowed settlement of payment obligations arising in the Corda system, making its inclusion in the SWIFT gpi a natural extension.”.