SWIFT, the global bank payment network, plans to start testing its GPI Link payment standard through the Corda platform of R3. SWIFT CEO Gottfried Leibbrandt made the announcement at the Fintech Forum in Paris, and said that integration is currently a proof of concept. The integration will allow the R3 blockchain software company to link to GPI (Global Payments Innovation) payments from its platform.
SWIFT has more than 10,000 banks in its network
In 2018, the network participated in multiple blockchain pilot projects. However, it has not yet substantially restructured its well-known bank transfer architecture. Given this Gottfried commented that:
Our new GPI platform is extremely interoperable and open, and we have always had links to other networks. Later, we will officially announce a Proof-of-Concept with the blockchain R3 blockchain, where you can make a payment on the trading platform, and then move on to GPI. Therefore, we are exploring interconnectivity.
According to a press release from SWIFT, people using the R3 platform can authorize payments through GPI Link. User banks can now settle GPI payments. Once completed, the GPI link will report all credit confirmation to the trading platforms. The proof of concept will expand over time to support many other DLT, non-DLT and e-commerce trading platforms.
The SWIFT GPI strives to streamline and improve the efficiency of cross-border payments. Its rapid expansion and development has much to do with the terrain gained by the competition of the blockchain sector, which clearly says that SWIFT has taken seriously options such as those shown by Ripple and other cryptocurrencies.
The R3 platform has experienced rapid growth in recent years
In fact, since the recent launch of its Corda network, R3 has so far gathered at least 300 partners from multiple industries. This is thanks to the fact that the network allows the transfer of data and digital assets between communities of nodes (business networks) and different CorDapps. Therefore, participants can create private ecosystems within their organization, or with trusted business partners, as long as they remain interoperable with the Corda community in general, as appropriate. Relevant information can be shared between applications and organizations, creating efficiencies and avoiding duplication. To achieve this interoperability, Corda Network also includes identity verification and privacy services to ensure that participants can operate in the network in a secure manner.
This feature has prompted both public and private partners to commit to collaborate in the development of Corda Enterprise, a business-oriented subsidiary of Corda and R3. Corda has enjoyed a wave of adoption news with its Euro debt solution used by a triad of German-French-Dutch banks to execute a live commercial paper transaction.
In addition, SBI Holdings of Japan announced its partnership with R3 to advance the use of Corda in Asia. Five leading banks and 26 French companies completed a KYC test with Corda.