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World as in Swift or R3 global payments

Swift forms digital ties to R3

R3 Corda – the DLT-powered payments platform nurtured by the world’s big banks – will be connected to incumbent payments network Swift in upcoming trial, says Swift boss.

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An appearance by Swift CEO Gottfried Leibbrandt, at the Paris Fintech Forum on 30 January, was soon noted by media including blockchain focused news site Coindesk.

R3 – the DLT club of big banks

On stage, he gave away the sketch of the news which was then followed up with a press release a few hours later. In a proof-of-concept project, Swift will start testing its new payments standard called GPI in connection with the Corda platform of R3. R3 was formed in September 2015 by a long list of leading global banks, to create an open-source distributed ledger platform.

Plugs into gateway

The project will trial Swift’s gateway GPI Link, which will interlink with the Corda platform, monitor payment flows and support application programming interfaces (APIs).

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Initially, the proof-of-concept project is meant to focus on R3’s DLT-based trade environment, but would later be extended to support other DLT, non-DLT and e-commerce trade platforms.

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