Payments messaging firm SWIFT will allow blockchain companies to connect into its global payments innovation (gpi) platform, SWIFT said in its latest report on the future of payments.
Cointelegraph reported Monday (June 24) that SWIFT’s report, “Payments: Looking to the future – instant, accessible, ubiquitous,” revealed the company’s plan to allow blockchain platforms to loop into its cross-border payments platform, gpi, and bridge those distributed ledger firms into the fiat banking space.
The initiative follows a collaboration between SWIFT and R3 that was announced in January, reports noted.
“Pending the success of a proof of concept with the R3 trade platform, we’ll soon be enabling gpi payments on DLT [distributed ledger technology]-based trade platforms,” SWIFT stated in the report. “Resolving the payment challenges DLT platforms face, we will enable gpi payments to be initiated within trade workflows, automatically passing them on to the banking system.”
SWIFT‘s collaboration with R3 first revealed the payments messaging company’s intention to integrate gpi with blockchain software firms via gpi Link, its initiative to integrate gpi within multiple trade platforms.
“All trade platforms require tight linkages with trusted, fast and secure cross-border payments mechanisms such as gpi,” said SWIFT Chief Marketing Officer Luc Meurant in a statement at the time. “While DLT-enabled trade is taking off, there is still little appetite for settlement in cryptocurrencies and a pressing need for fast and safe settlement in fiat currencies.”
SWIFT did not disclose particular details on the progress of its proof of concept or a timeline for when gpi may be open to connecting with blockchain firms.
Reports of SWIFT’s DLT plans emerged the same day that treasury management software firm BELLIN announced it has completed its integration with SWIFT gpi for corporates. That partnership sees BELLIN‘s tm5 treasury management system integrating SWIFT gpi for corporates (g4C), connecting corporate treasury users to cross-border payments and transaction tracking capabilities via SWIFT.