• Wed, 13 Nov 2019, 09:49 AM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

SWIFT launches proof-of-concept to link gpi with R3’s Corda blockchain platform

Thu, 31 Jan 2019, 06:25 am UTC

Global banking payments network SWIFT has announced that it has launched a proof-of-concept (PoC) to trial a new gateway to interlink trade and e-commerce platforms with gpi – the new standard in cross-border payments.

Launched in 2017, the SWIFT global payments innovation (gpi) aims to transform the cross-border payments landscape. It is supported by hundreds of banks around the world, including more than 50 of the world’s top banks.

The PoC will trial “gpi Link” – a new gateway which will enable gpi members to seamlessly connect with multiple trade platforms. It will allow gpi payment capabilities to be embedded directly into e-commerce and other trading platforms thereby enabling gpi payment initiation, end-to-end payment tracking, payer authentication and credit confirmation.

“The gateway will also allow the continuous monitoring and control of payment flows and the subsequent movement of goods by those trade platforms,” SWIFT said. “And to ensure global integration and interoperability, it will support APIs, as well as SWIFT and ISO standards.”

Initially, the PoC will work on Corda, R3’s blockchain platform, with the goal of bringing the benefits of gpi payments’ speed, ubiquity and certainty to distributed ledger technology (DLT)-enabled trade. 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, the release said.

“With gpi Link, banks will be able to provide rapid, transparent settlement services to e-commerce and trading platforms, opening up whole new ecosystems to the speed, security, ubiquity and transparency of gpi and enabling them to grow and prosper in the new digital economy,” Luc Meurant, SWIFT’s Chief Marketing Officer, said.

“Given the adoption of the Corda platform by trade ecosystems, it was a natural choice to run this proof of concept with R3.”

SWIFT further said that the PoC will be extended to support other DLT, non-DLT and e-commerce trade platforms in the future.

“Following the recent launch of our Corda Settler, allowing for the payment of obligations raised on the Corda platform, it was a logical extension to plug into SWIFT gpi,” David E. Rutter, CEO of R3, said.

“SWIFT gpi has rapidly become the new standard to settle payments right across the world. All the blockchain applications running on Corda will thus benefit from the fast, secure and transparent settlement provided through the SWIFT gpi banks.”

SWIFT said that PoC will include bank and corporate participants, adding that it will demonstrate a prototype at Sibos in London in September 2019.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $8,798.81 (+0.06%)
  • Ethereum (ETH) $187.00 (+0.27%)
  • XRP (XRP) $0.274400 (-0.12%)
  • Bitcoin Cash (BCH) $288.77 (-0.30%)
  • Litecoin (LTC) $61.47 (-0.33%)
  • Bitcoin (BTC) $8,798.81 (+0.06%)
Nov 13, 2019 (Wednesday)
09:37
Paxos launches new product that streamlines the swap between fiat, stablecoins
08:56
China’s digital currency project aiming for ‘controllable anonymity’: PBoC official
07:36
Huobi Chain open sources its regulator-friendly financial blockchain 'Huobi Chain'
07:28
Crypto Technicals: NEO/USD hovers around 38.2% Fib, further upside on charts
06:58
HTC announces new limited edition blockchain smartphone in partnership with Binance
06:52
Crypto Technicals: ETH/USD trades directionless below 110-EMA, intraday bias neutral
06:15
Former bitcoin traders at Circle, Cumberland launch crypto trading firm
06:06
Crypto Technicals: XRP/USD consolidates below 100-DMA, break below cloud to drag prices lower
05:53
Central Bank of Tunisia refutes reports of digital currency launch
04:46
Fold partners with AirBnB allowing people to use Bitcoin when booking for a place to stay
04:38
Abra adds support for 60 new cryptocurrencies for U.S. customers
04:38
Crypto Technicals: BTC/USD holds 50-DMA support, momentum studies bearish
04:14
Ant Financial’s blockchain platform to launch in February; Node participants need to meet certain requirements
Nov 12, 2019 (Tuesday)
12:28
UPS and HerdX track and monitor beef shipment from U.S. to Japan using blockchain technology
12:12
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
12:10
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:13
China's forex regulator SAFE expands blockchain cross-border financing pilot to 19 provinces
10:12
eToroX adds support for Dash, USDC, USDT and GOLDX/BTC, announces 5 new stablecoins
10:03
Crypto Technicals: XLM/USD downside limited, holds support at 5-DMA
09:19
Crypto Technicals: NEO/USD consolidates around 200-DMA, bias bullish
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft