Financial messaging firm Swift has confirmed in its latest report on the future of payments that it will allow blockchain companies to access its global payments innovation (gpi) platform.
Swift’s just-published report ‘Payments: Looking to the future – instant, accessible, ubiquitous,’ outlines the company’s plan to allow blockchain platforms to loop into its gpi cross-border payments platform and provided the bridge for distributed ledger firms into the fiat banking space.
The initiative follows the announcement in January this year of a proof-of-concept collaboration between Swift and R3, the enterprise blockchain development consortium, which saw R3 working to integrate its Corda blockchain platform with Swift’s gpi technology
“Pending the success of a proof of concept with the R3 trade platform, we’ll soon be enabling gpi payments on distributed ledger technology [DLT]-based trade platforms,” Swift stated in the report.
“Resolving the payment challenges DLT platforms face will enable gpi payments to be initiated within trade workflows, automatically passing them on to the banking system.”
The collaboration with R3 reflected Swift’s intention to integrate gpi with blockchain software firms via gpi Link, its initiative to integrate gpi within multiple trade platforms.
“All trade platforms require tight linkages with trusted, fast and secure cross-border payments mechanisms such as gpi,” Swiftt’s chief marketing officer, Luc Meurant, stated at the time. “While DLT-enabled trade is taking off, there is still little appetite for settlement in cryptocurrencies and a pressing need for fast and safe settlement in fiat currencies.”
Swift has not yet reported on the progress of its proof on concept, nor indicated a timeline for when gpi may be open to connecting with blockchain firms.
However, treasury management software group BELLIN confirmed that it has completed its integration with Swift gpi for corporates (g4C).
Under the partnership, BELLIN’s tm5 treasury management system (TMS) integrates with g4C, connecting corporate treasury users to cross-border payments and transaction tracking capabilities via Swift. BELLIN announced in January this year that it would be one of the Early Adopter TMS providers of the g4C project.
Like this item? Get our Weekly Update newsletter. Subscribe today