Swift and R3 to trial payments and trade blockchain platform
(30 January 2019 – Global) Swift has announced a proof-of-concept trial to link its gpi network to R3’s Corda platform.
The gpi scheme, which delivers end-to-end delivery with full tracking and transparency of messages across the network, was in part introduced as a response to competition from the likes of Ripple and a growing disenchantment with old-school correspondent banking models.
Speaking at the Paris Fintech Forum, Swift CEO Gottfried Leibbrandt told the audience: “Our new gpi platform is extremely interoperable and open, and we’ve always had links to other networks. We are announcing later today a Proof-of-Concept with R3 blockchain on trade, where you can initiate a payment on the trade platform, and then it goes into gpi.”
Swift formally confirmed the partnership with R3 which will take place over a new gateway, gpi Link, which is intended to plug third party e-commerce and trade platforms directly into gpi.
In the trial, corporates using Corda will be able to authorise payments from their banks via gpi Link; gpi payments will be settled by the corporates’ banks, and the resulting credit confirmations will be reported back to the trade platforms via gpi Link on completion.
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