Swift links up with R3 for trading on blockchain – FinTech Futures

- Advertisement -

Swift has turned to R3’s blockchain platform Corda for a proof-of-concept (PoC) to trial gpi Link, a gateway to interlink e-commerce and trading platforms with Swift gpi.

R3’s Corda will support gpi Link

Link will connect gpi members to various trade platforms, enabling payment initiation, tracking, payer authentication and credit confirmation.

The gateway will enable the continuous monitoring and control of payment flows and the subsequent movement of goods by those trade platforms, while supporting APIs, Swift and ISO standards.

Luc Meurant, Swift’s chief marketing officer, says banks will be able to provide “rapid, transparent settlement services to e-commerce and trading platforms” and “given the adoption of the Corda platform by trade ecosystems, it was a natural choice to run this proof of concept with R3”.

David E. Rutter, CEO of R3, adds: “Following the recent launch of our Corda Settler, allowing for the payment of obligations raised on the Corda platform, it was a logical extension to plug into Swift gpi.”

The first stage of the PoC will work on Corda and aims to bring gpi payments to blockchain-enabled trade.

The PoC settlement system will use fiat currencies and enable “off-ledger” payment settlement based on gpi.

In the PoC, corporates using the R3 platform will be able to authorise payments from their banks via gpi Link; gpi payments will be settled by the corporates’ banks, and the resulting credit confirmations will be reported back to the trade platforms via gpi Link on completion.

The PoC will initially support Corda’s platform, but will be extended to support other DLT, non-DLT and e-commerce trade platforms.

Swift’s PoC will include bank and corporate participants. A prototype will be demonstrated at Sibos in London in September 2019.

source

Previous Articles:

- Advertisement -
- Advertisement -
- Advertisement -

Latest

- Advertisement -

Must Read

Read Next
Recommended to you