SWIFT will allow blockchain companies to use the GPI platform for real-time payments

According to Coindesk's June 25 report, global interbank communications giant SWIFT announced that it will allow blockchain companies to leverage their global payment innovation (GPI) platform for near real-time payments.

Screen Shot 2019-06-25 at 6.53.11 PM (Source: Coindesk )

A report released by SWIFT last weekend said that it will "will soon enable gpi payments on a distributed account book technology (DLT)-based trading platform, following its successful proof of concept with R3's Corda platform."

The company said that GPI will address the “payment challenge” faced by the DLT platform, because by using the system, payments will be opened in the transaction workflow and automatically sent to the banking system.

Founded in early 2017, GPI is a set of business rules coded by SWIFT on its existing infrastructure to increase the speed, transparency and traceability of transactions.

In the report, SWIFT said that 55% of SWIFT cross-border payments were made through GPI, and GPI's payment stream value exceeded $40 trillion. The report states:

Nearly half of the payments can reach the ultimate benefit in a matter of minutes, and almost all payments can be made within 24 hours.

The report further predicts that all cross-border SWIFT payments will use GPI within two years.

Previously, SWIFT explained at the January concept validation conference that the trial would link GPI Link to R3's Corda platform to monitor payment flows and support application programming interfaces (APIs), as well as SWIFT and ISO. standard.

R3 CEO David E. Rutter said at the time:

Our recently launched Corda Settler will allow payments on the Corda platform, which is a logical extension to SWIFT GPI. SWIFT GPI has quickly become the new standard for global payment settlement. As a result, all blockchain applications running on Corda will benefit from the fast, secure and transparent billing provided by SWIFT gpi.

It's also worth noting that R3 has started testing the Corda Settler payment engine with the cryptocurrency XRP, which makes Ripple's supporters very excited. However, R3 made it clear from the beginning that the technology was originally designed to interact with various payment systems.