SWIFT, a global banking payment network, has announced today that they’ll be integrating technology from blockchain software firm R3. The first version of this brand new service shall utilize R3’s blockchain platform Corda Settler, an application created to facilitate worldwide cryptocurrency payments within enterprise blockchains.
R3 has commented that XRP crypto was the very first global recognized cryptocurrency to be completely supported by Settler.
The plans set in motion for a Proof-of-Concept (PoC) with R3 originally occurred from a press release, which announced its Global Payments Innovation Link,
“a gateway to interlink ecommerce and trading platforms with SWIFT gpi – the new standard in cross-border payments.”
CEO of SWIFT, Gottfried Leibbrandt, along with CEO of Ripple, Brad Garlinghouse, spoke in a join panel stating,
“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. So we’re exploring interconnectivity with a lot of things.”
SWIFT’s GPI services goals are to streamline and increase the transparency of cross-border payments. The press release for the new services has this to say,
“gpi Link will seamlessly connect gpi members to multiple trade platforms thereby enabling gpi payment initiation, end-to-end payment tracking, payer authentication and credit confirmation. The gateway will enable the continuous monitoring and control of payment flows and the subsequent movement of goods by those trade platforms, while to ensure global integration and interoperability it will support application programming interfaces (APIs), as well as SWIFT and ISO standards.”
“While the PoC initially addresses R3’s DLT-based [Distributed Ledger Technology] trade environment, it will be extended to support other DLT, non-DLT and e-commerce trade platforms.”
The PoC plans to include banks and corporate participants along with a prototype that will be demonstrated at Sibos, an annual banking and financial conference, that shall be held in London during September of 2019.