SWIFT to Work on a DLT Integration With R3

SWIFT to Work on a DLT Integration With R3

Global banking payments network SWIFT announced an agreement with R3 to develop a proof-of-concept integration of its GPI payment standard with R3 Corda platform, according to comments made by Swift CEO at the Paris Fintech Forum.

SWIFT CEO Gottfried Leibbrandt highlighted that the GPI platform is open and interoperable and, at the same time, it has always been linked to other networks. The company joined blockchain pilots in the last years, and it counts a network of more than 10,000 banks.

In this framework, Leibbrandt said the company will announce “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 are exploring interconnectivity with a lot of things,” the CEO added.

The market is watching SWIFT and R3’s endeavour as a pivotal step to promote a heterogeneous, but an integrated financial system.

On the other hand, R3 is working with more than 300 partners from different industries in collaborative ventures to develop its Corda network. Just in December, Corda-powered Euro Debt Solution was implemented by a coalition of Germany, France and Holland banks to complete a live commercial paper transaction.

R3 is also partnering with Japanese SBI Holdings to expand the solution in Asia, as well as other companies in Europe that are testing Corda.

R3 and SBI Holdings to accelerate Corda adoption in Asia

R3 and SBI “will jointly continue their advocacy for enterprise blockchain and increase the focus on commercial adoption of Corda,” said the R3 press release announcing the agreement.

“The partnership will enable SBI to leverage its unparalleled network of regional contacts among financial institutions and cooperates to accelerate the adoption of Corda.”

R3 CEO David Rutter affirmed that “through the combination of SBI’s incredible influence, built up over decades of excellent service to their clients, and the rich ecosystem which we have fostered around Corda, I think we have a compelling and unique offer for firms in the region.”

As an enterprise software firm developing blockchain for businesses, R3 is building “a network of the best institutions, technologists and services to ensure that Corda is the default choice for enterprise blockchain. This partnership is a crucial step on that journey.”

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