SWIFT Gives Blockchain Platforms Access to ‘Instant’ GPI Payments Following R3 Trial

Global interbank messaging giant SWIFT has revealed it will allow blockchain firms to make use of its Global Payments Innovation (GPI) platform for near real-time payments. In a report published late last week, SWIFT said that, following a successful proof-of-concept with R3’s Corda platform, it would “soon be enabling gpi payments on DLT [distributed ledger technology]-based trade platforms.” Saying that GPI would resolve the “payment challenges” faced by DLT platforms, the firm explained that payments using the system would be initiated within trade workflows and be automatically sent on to the banking system. Launched in early 2017, GPI was created as a set of business rules encoded on top of the firm’s existing infrastructure as a means to increased speed, transparency and the traceability of transactions.