SWIFT, the largest cross-border payments network in the world, will begin testing its GPI payments standard through R3’s Corda platform. The company’s CEO, Gottfried Leibbrandt, announced the news in his speech at the Paris Fintech Forum on January 30. In an official statement, SWIFT 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.
Todd McDonald, the co-founder of R3, said that the trial will enable corporates using the R3 platform to authorize payments from their banks via GPI Link. The GPI payments would then be settled by the corporates’ banks, with the resulting credit information reported back to the trade platforms. David E. Rutter, CEO of R3, said that plugging the Corda Settler into SWIFT GPI was a “logical” move, adding that all blockchain applications running on Corda will the fast, secure and transparent settlement provided through the SWIFT GPI banks. While the trial will initially only address R3’s trade environment, SWIFT plans on extending it to support other DLT and e-commerce trade platforms.