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SWIFT, the global banking payments network, is to begin testing its GPI payments standard through R3’s Corda platform.
Speaking on stage at the Paris Fintech Forum this morning, SWIFT CEO Gottfried Leibbrandt said: “Later today we are announcing an integration with R3.”
In a follow-up announcement, the firm explained that the “integration” will be a trial that will connect SWIFT’s GPI Link gateway with R3’s Corda platform to monitor payment flows and support application programming interfaces (APIs), as well as SWIFT and ISO standards.
“SWIFT GPI will integrate directly to Corda Settler, the application that allows participants on the Corda blockchain to initiate and settle payment obligations via both traditional and blockchain-based rails,” explained R3 co-founder Todd McDonald. “This will enable obligations created or represented on Corda to be settled via the large and growing SWIFT GPI network.”
In the trial, corporates using the R3 platform will be able to authorize payments from their banks via GPI Link; GPI payments will be settled by the corporates’ banks, and the resulting credit confirmations will be reported back to the trade platforms via GPI Link on completion.
While the trial initially addresses R3’s trade environment, it will be extended to support other distributed ledger technology (DLT), non-DLT and e-commerce trade platforms.