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SWIFT to bring benefits of gpi to DLT and trade ecosystems

Initial proof of concept to connect gpi with blockchain enterprise software firm R3

To support the growing demand amongst trade ecosystems for secure and reliable settlement, SWIFT has launched a proof of concept (PoC) to trial a new gateway to interlink trade and e-commerce platforms with gpi – the new standard in cross-border payments.

gpi Link will seamlessly connect multiple trade platforms to gpi members, enabling gpi payment initiation, end-to-end payment tracking, payer authentication and credit confirmation.

The gateway will also allow the continuous monitoring and control of payment flows and the subsequent movement of goods by those trade platforms.

And to ensure global integration and interoperability, it will support APIs, as well as SWIFT and ISO standards.

Trade transactions powered by gpi

The first stage of the PoC will work on R3’s leading blockchain platform, Corda, to bring the benefits of gpi payments – speed, ubiquity and certainty – to distributed ledger technology (DLT)-enabled trade.

The PoC addresses the need for e-commerce and trade ecosystems to be supported by global, fast, secure and transparent settlement using fiat currencies by enabling ‘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;
  • settle gpi payments through their bank; and
  • receive credit confirmations on the respective trade platforms via gpi Link on completion.

While the PoC initially addresses R3’s DLT-based trade environment, it will be extended to support other DLT, non-DLT and e-commerce trade platforms.

The results of the PoC will be demonstrated as a prototype at Sibos in London in September 2020.

Extending the benefits of gpi

Thanks to gpi, over $300 billion in daily cross-border payments are now typically made within minutes or even seconds, with over 50 per cent of SWIFT gpi payments credited to end beneficiaries within 30 minutes.

By enabling trade platform ecosystems to seamlessly integrate gpi Link into their environments, the benefits of gpi are now able to be extended to a wider range of corporates and markets.

All trade platforms require tight linkages with trusted, fast and secure cross-border payments mechanisms such as gpi. While DLT-enabled trade is taking off, there is still little appetite for settlement in crypto-currencies and a pressing need for fast and safe settlement in fiat currencies.

Luc Meurant, SWIFT’s Chief Marketing Officer

“With the gpi Link, banks will be able to provide rapid, transparent settlement services to e-commerce and trading platforms, opening up whole new ecosystems to the speed, security, ubiquity and transparency of gpi and enabling them to grow and prosper in the new digital economy.

“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 said: “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.

“SWIFT gpi has rapidly become the new standard to settle payments right across the world. All the blockchain applications running on Corda will thus benefit from the fast, secure and transparent settlement provided through the SWIFT gpi banks.”

Swift Completes Blockchain Smart Contracts Trial

Michael del Castillo

Swift Completes Blockchain Smart Contracts Trial

Interbank messaging platform Swift has completed a blockchain proof-of-concept in partnership with startup SmartContract.

The proof-of-concept, revealed today, is the first project to use SmartContract’s ChainLink v1.0, which lets users connect smart contracts to data feeds, web APIs and a number of payment methods.

While few details about the project have been released, SmartContract founder Sergey Nazarov told CoinDesk:

“We have successfully completed a phase one PoC with Swift, and are in active conversations about how to move further with the work we’ve done.”

The news coincides with the startup’s rebranding of the ChainLink product, which was previously titled SmartContract Oracle.

Token sale

Founded last year, New York-based SmartContract was one of several blockchain startups to be selected by Swift to win a contract at its 2020 Sibos conference. A representative of Swift confirmed to CoinDesk that it is a SmartContract customer. Swift is currently working on multiple blockchain projects with various vendors.

Since being awarded the contract, SmartContract has also partnered with Ari Juels from blockchain think tank IC3 to provide authenticated data on the daily ether-to-US dollar conversion price for the TownCrier oracle.

Notably, the startup is currently preparing for a pre-sale of its own cryptographic token called LINK, with a public crowdsale to follow.

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According to SmartContract, the token will be used to power its network. An email sent to users explains:

“The LINK token will be used to pay ChainLink node operators for participating in a ChainLink network, allowing the creation of fully decentralized oracle networks.”

Company logo image via Swift

Read more about.

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

SWIFT переходит на блокчейн и не собирается сдавать позиции платёжным стартапам

Межбанковская система передачи информации и совершения платежей SWIFT, наконец, запустила собственную платёжную блокчейн-систему. Новая система будет использоваться компанией для решения проблем с задержкой платежей.

Это также позволит банкам и другим финансовым учреждениям работать на платформе компании, легко получая доступ к API-интерфейсам друг друга, а также быстрее верифицировать аккаунты и обрабатывать платежи. Они также смогут получить доступ к совместным данным и редактировать их, используя распределённый реестр, размещенный в облаке.

Поставщик сервиса финансовых сообщений сделал такой шаг в ответ на требования многочисленных участников своей платформы, которые обычно сталкивались с проблемой задержки платежей.

Многие из пользователей сети SWIFT, такие как банки и другие платёжные системы, теперь проявляют интерес к новой системе. Около 15 банков, среди которых и JPMorgan, уже перешли на новую платформу.

Ранее были слухи о том, что SWIFT и Ripple станут партнёрами, однако теперь стало ясно, что SWIFT не планировала делать это.

Бельгийская компания, кажется, не желает никоим образом быть связанной с какими-либо финтех компаниями. Возможно, что компания теперь пытается вернуть утраченных клиентов, которые перешли на платформу Ripple из-за проблем SWIFT со скоростью обработки платежей.

SWIFT – это широко известный бренд в области обработки платежей, и запуск этой новой системы, возможно, поставит компанию в лучшее положение перед конкурирующими друг с другом финтех стартапами. Кажется, компания пока не намерена сдать позиции новоявленным конкурентам.

Кроме того, SWIFT теперь задаёт тон и для других традиционных платёжных сетей, которые, возможно, также перейдут на блокчейн.

bitswift

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bitswift BITS

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