SWIFT Unveils Plans to Launch PoC Gateway Side by Side with the Blockchain Consortium R3

The global banking payment network SWIFT seems to be working with blockchain technology. The company informed that they want to launch a Proof-of-Concept (PoC) of a gateway allowing R3 to link to GPI payments from their platform. The information was released by SWIFT’s CEO Gottfried Leibbrandt at the Paris Fintech Forum on January 30.

SWIFT Integrates R3’s Technology

The enterprise blockchain software firm called R3 will be linking to Global Payments Innovation (GPI) payments through a Proof-of-Concept of a gateway that is dubbed GPI link and launched by SWIFT.

During the Paris Fintech Forum, Mr. Gottfried informed that they will be formally announcing this during the day. At the panel was also present Brad Garlinghouse, the CEO of Ripple, a strong competitor of SWIFT. Ripple is trying to expand its cross-border payment solutions worldwide. Brad Garlinghouse has commented that Ripple wants to overtake SWIFT.

Gottfried commented at the event:

“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 trading platform, and then it goes into GPI. So we’re exploring interconnectivity with a lot of things.”

https://twitter.com/ClovisLoizillon/status/1090541958676783104

In a press release, the company informed that those using the R3 platform will be authorizing payments through the GPI Link. Additionally, they will be settling the GPI payments with users’ banks and have credit information back using GPI Link. In the future, the intention is to support other blockchain platforms.

R3 has recently launched the Corda Network that has currently 300 customers from different economic sectors all over the world. That includes private and public institutions. The Corda-based Euro Debt Solution has been implemented by some banks in Germany, France and the Netherlands to complete a live commercial paper transaction.

After the announcement, the XRP cryptocurrency experienced an important price increase. The digital asset, which is currently in the second position in the market after Bitcoin, increased 8.62%. Ripple is currently trying to compete with SWIFT and offer better services than this company. A few weeks ago, Ripple informed that they are working with more than 200 companies and financial institutions all over the world. The XRP digital asset can be used to source liquidity on-demand and reduce transaction costs.