SWIFT to Integrate R3 Corda PoC

SWIFT to Integrate R3 Corda PoC

Speaking in a panel at the Paris Fintech Forum, 30 January, SWIFT CEO, Gottfried Leibbrandt, reveals their plan to integrate with R3’s Corda platform. Ripple CEO, Brad Garlinghouse, was also present in the panel

What we are doing on a day-to-day basis is in fact taking over SWIFT.

Brad Garlinghouse, Chief Executive Officer of Ripple

Corda Proof-of-Concept Consensus for SWIFT

SWIFT enlists the R3 built blockchain platform, Corda, for a PoC (proof-of-concept) GPI Link test run.

Link is a portal to connect e-commerce and trading rostrums with the SWIFT GPI. This portal supports APIs, SWIFT, and ISO standards. It capacitates round-the-clock monitoring, payment flow control, and movement of goods by trading platforms. It serves to channel members of the GPI to different trade platforms and facilitate payments, payer authentication, credit approval, and tracking.

Fiat will be used on the PoC settlement system and the GPI based ‘off-ledger’ payment settlement is enabled. This initial phase of the PoC will occur on Corda. Companies meshed with R3’s Corda will have the capacity to authorize payments from their own banks through GPI Link. GPI payments will be accomplished by banks, and upon completion, credit notifications will be relayed back to trade platforms by GPI Link.

In the beginning, PoC will support Corda, but in the future, it will stretch to cover other DLT, non-DLT, and e-commerce systems.

A prototype of SWIFT’s PoC will be presented in London’s Sibos on September 2019.

Banking Institutions from Across the World Adopting Corda

Japan’s SBI Holdings teams up with the blockchain startup to promote Corda in Asian markets. German, French, and Dutch banks are using R3’s Corda for their Euro Debt Solution. In France, there are 26 companies and five banks which completed a KYC trial through Corda.

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