SWIFT To Link GPI Network With R3’s Corda Blockchain Platformbr>
Global banking payments network SWIFT is planning to conduct a proof-of-concept (PoC) trial to link its Global Payments Innovation (GPI) network to the Corda platform of enterprise blockchain software firm R3.
SWIFT said the integration of its GPI Link, a new gateway which will enable GPI members to seamlessly connect with multiple trade platforms, with R3’s Corda platform will allow GPI payment capabilities to be embedded directly into e-commerce and other trading platforms. It will reportedly enable GPI payment initiation, end-to-end payment tracking, payer authentication and credit confirmation.
“The [proof of concept] addresses the need for DLT-based commerce to be supported by global, fast, secure, and transparent settlement using fiat currencies by enabling ‘off-ledger’ payment settlement based on GPI,” SWIFT said.
Under the PoC, corporates using R3’s platform will be able to authorize payments from their banks via GPI Link. GPI payments will be settled by the corporates’ banks, the confirmation of which they will receive via GPI Link.
“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,” said Luc Meurant, SWIFT’s Chief Marketing Officer. “Given the adoption of the Corda platform by trade ecosystems, it was a natural choice to run this proof of concept with R3.”
While the PoC will initially address R3’s blockchain-based trade environment, SWIFT said it plans to extend the trial to support other DLT, non-DLT, and e-commerce trade platforms.
“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,” said David Rutter, CEO of R3. “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.”