Corda R3 Blockchain To Be Integrated Into SWIFT System
The international SWIFT system will begin testing its payment standard GPI on the Corda platform by the R3 blockchain consortium, CoinDesk reports.
The testing precedes the integration process, which was announced by the SWIFT chief executive Gottfried Leibbrandt in his speech at the Financial and Technological Forum in Paris. The integration involves connecting the GPI Link system to the Corda blockchain to track flows of payments with support for APIs and the standards of SWIFT and ISO.
SWIFT GPI will be implemented directly into the Corda Settler app, which will allow its users to manage payment obligations both in traditional ways and on blockchain, Todd McDonald, co-founder of R3, stated.
During the tests, companies employing the R3 platform in their work will have the opportunity to make payments from their banks by means of GPI Link and receive a confirmation about the completed remittances. Though the solution was initially intended for the R3 users, other market participants will be able to use it too.
After launching the Corda Settler solution, connecting to the SWIFT GPI system was a logical continuation of the consortium’s work, David Rutter, R3 CEO, stated. According to him, SWIFT GPI is recognized as a settlement system worldwide so the users of Corda will profit from making prompt and protected payments.
As previously reported, SBI R3 Japan, established with the participation of R3, will support and promote the Corda blockchain platform in the countries of the East Asian region.