SWIFT to Partner with Crypto Company R3, Tests New Blockchain Platform
The global provider of cross-border payments SWIFT announced cooperation with the crypto company R3. Jointly, the companies are going to test payment processing via the blockchain platform Corda.
SWIFT General Director Gottfried Leibbrandt at a conference in Paris, said that the international payment provider plans to integrate the blockchain platform Corda, which is being developed by R3, into its activities.
To begin, SWIFT plans to combine gpi — a new standard in the global payment system — and the Corda platform to track money transfers. The combined service will also support various APIs, including standardized services by SWIFT and ISO.
In particular, SWIFT gpi will be implemented directly into Corda Settler, a blockchain platform’s payment gateway that allows transactions to be made through both DLT networks and the traditional financial system. This will allow the Corda users to conduct transactions through the SWIFT gpi system and vice versa.
During the testing period, Corda platform participants will be able to authorize payments via gpi. Further, the transaction will be processed by the corporate bank, and the payment data will be stored on the platform.
If the tests are successful, Corda can be extended to other DLT systems, traditional financial networks, and e-commerce platforms.