Swift to connect its new GPI technology with R3’s blockchain platform
Category: #tech  By Mateen Dalal  Date: 2019-01-31
  • share
  • Twitter
  • Facebook
  • LinkedIn

Swift to connect its new GPI technology with R3’s blockchain platform

World’s leading financial messaging service provider Swift has recently announced a partnership with R3, a blockchain startup that leads a consortium of major financial institutions. As part of the partnership, Swift would be connecting its Global Payments Innovation (gpi) service for cross border payments, under a new proof of concept (PoC), with the blockchain platform of R3.

Through the PoC, Swift is apparently looking to trial gpi link, a gateway for connecting trading and e-commerce platforms with the company’s gpi. The PoC’s initial stage would be carried out on Corda, the blockchain platform of R3.

According to Swift, corporations using Corda would be able to authorize payments from their banks via gpi Link. The gpi payments will be then settled by the corporate’s banks and any credit confirmations will get reported back to the blockchain platforms on completion via gpi Link. Although the PoC addresses R3’s platform initially, Swift said it’s support would be extended to other platforms based on blockchain and distributed ledger technology (DLT), along with non-DLT and e-commerce trade platforms.

R3 CEO David Rutter stated that after the company’s Corda Settler was launched recently for enabling the payment of obligations raised on Corda platform, plugging into Swift gpi was a logical extension. The transparent, fast and secure settlements offered through the Swift gpi banks will benefit all blockchain-based applications running on Corda, Rutter added.

Swift confirmed that the PoC is aimed at addressing the need for blockchain trading platforms to be supported by fiat currency settlements. xRapid, a cryptocurrency-based solution for cross border payments offered by Ripple, has experienced resistance from banks since it uses XRP, a volatile cryptocurrency.

In the past few years, Swift has apparently garnered criticism from fintech startups moving into the payments space, particularly those deploying blockchain, but the latest move by Swift indicates the company’s gradual acceptance of the technology.

  • share
  • Twitter
  • Facebook
  • LinkedIn


About Author

Mateen Dalal    

Mateen Dalal

A qualified electronics and telecommunication engineer, Mateen Dalal embarked on his professional journey working as a quality and test engineer. Harnessing his passion for content creation however, Mateen pens down industry-rich articles for ReportsGO.com and a few o...

Read More

More News By Mateen Dalal

Arranta Bio acquires Captozyme to accelerate microbiome development
Arranta Bio acquires Captozyme to accelerate microbiome development
By Mateen Dalal

Arranta has established a Center of Excellence for microbiome development   The acquisition will help quicken the delivery of LBPs for clients worldwide Arranta Bio, a leading Contract Development Manufacturing Organization, recently annou...

CytoDyn obtains IRB approval for leronlimab for patients with TNBC
CytoDyn obtains IRB approval for leronlimab for patients with TNBC
By Mateen Dalal

Reports confirm that CytoDyn Inc., a late-stage biotechnology company has announced that it has recently received approval from the Institutional Review Board for leronlimab, to be directed to triple-negative breast cancer (TNBC) patients under a com...

FDA declines approval of Lipocine’s oral drug Tlando for third time
FDA declines approval of Lipocine’s oral drug Tlando for third time
By Mateen Dalal

FDA declines approval of Lipocine’s oral drug Tlando for third time Reportedly, the oral drug Tlando was first declined  approval by FDA in the year 2016. The U.S. Food and Drug Administration (FDA)  declined the approval of oral dr...