Home Uncategorized SWIFT announcing plans for PoC with blockchain software company R3

SWIFT announcing plans for PoC with blockchain software company R3

SWIFT announcing plans for PoC with blockchain software company R3

Global messaging technology company SWIFT, has revealed its plans to integrate with enterprise blockchain software firm R3. This plan includes launching a Proof-of-Concept (PoC) of a gateway that will allow R3 to link to Global Payments Innovation payments from their platform.

While speaking at the Paris Fintech Forum, SWIFT CEO Gottfried Leibbrandt said that they would be announcing the integration later today.

Leibbrant was speaking in a panel with the CEO of Ripple Brad Garlinghouse, which is a rival company. During this panel Leibbrant said:

“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.”

According to the official statement, “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.”

R3 officially launched its Corda platform, which is an open-source blockchain platform, recently and has now over 300 partners globally from both public and private sector involving in the development process. CEO of R3 David E. Rutter said in the release, “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.”

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