Sunday, August 25, 2019

Global Payments Network SWIFT to Launch Payment Gateway With R3 Blockchain

SWIFT, a global payments platform on January 30 announced its intention to launch a proof-of-concept (PoC) payment gateway. The gateway will connect SWIFT’s GPI (Global Payments Innovation) to R3’s Blockchain trade platform. According to SWIFT, this link will help to improve the transparency of cross border payments, reports a media outlet.

SWIFT’s CEO Reveals the Launch of PoC Payment Gateway

Per the report, Gottfried Leibbrandt, SWIFT’s CEO at the Paris Fintech Forum revealed the company’s plans to collaborate with R3 to launch a payment gateway called, GPI Link. The latter is said to make use of the SWIFT’s GPI which will be connected to R3’s Blockchain trade platform.

In the words of the CEO:

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 Leibbrandt, the GPI platform is extremely interoperable and open. Therefore, the expected result of this gateway is to enable R3 users to authorize payments by taking advantage of the GPI. In addition, the authorized payments will be settled with the user’s banks. On the transaction’s completion, credit information will be returned to R3’s trading platform.

PoC Payment Gateway to be Incorporated With More DLT

Asides R3, further reports reveal that in the future, the PoC payment gateway will be incorporated into other blockchain-based platforms. The same has been said about e-commerce trading platforms and those that are not based on the Distributed Ledger Technology.

In the same vein, SWIFT outlined that the aim of the PoC gateway is to bring about more transparency in cross-border payments. The company had first revealed its plan to launch the GPI in December last year. Nonetheless, it can be assumed that their latest development may have been triggered by the competition from the Blockchain sector.

Related Article:  Binance CEO Says Amazon Will Launch its Own Cryptocurrency Sooner or Later

SWIFT to Launch a Global Payment Initiative service

On December 9, BTCNN reported that SWIFT aims to launch a payment system in a bid to improve the banking system. The global payment network had proposed its Global Payment Initiative service (GPI). In their opinion, the GPI will compete with Fintech and blockchain systems used by Ripple and JP Morgan.

BTCNN on January 20 informed of Ross D’Arcy, Ripple’s sales director comment, that sending Ripple will be as easy as sending an email. The sales director had pointed out that the company’s aim, is to enable quick and easy payments. In this case, transactions can be completed within a matter of seconds.

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