Gottfried Leibbrandt, chief executive of SWIFT, revealed at a forum yesterday that its global payment innovation platform (GPI) will be integrated with the blockchain startup R3 and will be officially announced later.
Leibbrandt said that the new GPI platform is extremely interoperable and open, and SWIFT has always had links with other networks. “We will announce the proof of concept of the transaction using the R3 blockchain later today. You can start paying on the trading platform and then enter the GPI. So we are exploring interoperability with different things.”
SWIFT later stated in the statement that the integration is a pilot program linking SWIFT’s GPI Link Gateway to R3’s Corda platform to monitor payment processes, application interfaces (APIs), and SWIFT and ISO standards. In the trial, companies using the R3 platform will be able to authorize their bank payments via GPI Link; GPI payments will be settled by the banks of these companies, and the resulting credit confirmation will be reported to R3 via GPI Link upon completion.
In addition, R3 announced the same day that it has established a joint venture with Japanese financial giant SBI Holdings. The new company will operate in Japan, supporting the provision and introduction of Corda licenses, prioritizing actual use plans, and facilitating cooperation with R3 and other Corda partners’ overseas offices. The joint venture also intends to develop its business in East Asia.