• Mon, 15 Jul 2019, 06:49 PM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

SWIFT to give blockchain-based firms access to its GPI payments

Image from Bank Info Security

Wed, 26 Jun 2019, 09:04 am UTC

The Society for Worldwide Interbank Financial Telecommunications (SWIFT) announced that it will allow blockchain companies to utilize its global payments innovation (GPI) platform to transact near real-time payments.

In a new paper entitled “Payments: Looking into the future,” SWIFT recognized the competitive nature of the payments industry, describing it as “do or die” and noting how banks are at risk of being dethroned as the default payment channels.

The paper’s most important announcement was SWIFT’s revelation that it will soon allow GPI payments on distributed ledger technology (DLT)-based trade platforms, with the aim to increase savings in reconciliations and enhance a faster movement of collateral. The announcement follows a proof-of-concept (PoC) launched with R3’s Corda platform earlier this year.

SWIFT explained that it will enable GPI payments to be initiated within trade workflows, automatically sending them to the banking system. The product allows end-to-end payment tracking, payment authentication, and credit confirmation.

SWIFT said GPI aims to resolve the current “payment challenges” most DLT platforms face. In its announcement last January, it stated that PoC “addresses the need for e-commerce and trade ecosystems to be supported by global, fast, secure, and transparent settlement using fiat currencies by enabling ‘off-ledger’ payment settlement based on GPI.”

GPI, which was launched in early 2017, was designed as a set of business rules encoded on top of the firm’s existing infrastructure in order to increase speed, transparency, and traceability of transactions.

Although the current paper pointed out that the organization believes that decentralized finance is the future, it made clear that SWIFT is still expecting to remain a critical partner to the banks and fintech firms.

Cooperation by all players in the community is important, because the openness and universality of the envisioned system are unique; the more widely adopted the convention for moving value, the easier the circulation of value – and the more the convention will be used,” the paper stated.

According to the report, 55% of SWIFT cross-border payments are now done over GPI, with payments flow amounting to more than $40 trillion. It also forecasted that in 2 years’ time, cross-border SWIFT payments will be conducted on GPI.

“Half of them are reaching end beneficiary customers within minutes, and practically all within 24 hours,” the report said.

Just recently, leading U.S.-based global clinical trial laboratory services organization Q2 Solutions has partnered with HSBlox and conducted a sample tracking PoC of human biological samples in clinical trials using blockchain.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $10,768.60 (+2.05%)
  • Ethereum (ETH) $231.87 (-2.29%)
  • XRP (XRP) $0.318000 (+1.25%)
  • Litecoin (LTC) $91.66 (+1.61%)
  • Bitcoin Cash (BCH) $318.92 (+3.05%)
  • Bitcoin (BTC) $10,768.60 (+2.05%)
Jul 15, 2019 (Monday)
13:14
Crypto Technicals: XRP/USD extends weakness below 200-DMA, on track to test trendline support at 0.28
13:10
Draft of India’s cryptocurrency ban bill surfaces online
11:57
Shinhan Card patents blockchain-based system with credit card functionality
11:12
IOTA, MOBI, SAP, Deutsche Telekom and others join Convergence Alliance focused blockchain, AI, IoT
11:12
Crypto Technicals: LTC/USD pauses downside at 84 handle, bias still bearish
10:28
Crypto Technicals: BTC/USD holds support at 55-EMA (9854), break below will see further weakness
10:15
Enterprise blockchain firm R3 eyes IPO: Report
09:36
Bank of Thailand reviews blockchain applications in multiple areas
08:51
PayFast to stop accepting Bitcoin as payment method due to high fees, slow process time
07:17
U.S. lawmakers seek to prevent big tech companies from offering cryptocurrencies
06:03
Georgia VAT-exempts cryptocurrencies
05:50
Bitpoint Japan finds part of stolen cryptocurrency
05:02
South Korean companies team up to build blockchain-based identification system
Jul 12, 2019 (Friday)
11:40
Litecoin becomes official cryptocurrency of American football team Miami Dolphins
10:48
Crypto Technicals: Ripple breaks below 200-DMA, opens up further downside
10:40
Japanese cryptocurrency exchange Bitpoint loses $32M to hackers
09:40
US Election Commission to approve Congressional candidate's Ethereum token giveaway plans
09:16
HSBC reduces transaction time by 12 Days using Voltron blockchain platform
09:07
Amazon, Deloitte, Fidelity support IDEO CoLab's free blockchain accelerator program
09:05
Turkey considers developing central bank digital currency
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft