SWIFT, the largest global bank payment network, is planning to partner with the R3 consortium. SWIFT CEO Gottfried LEIBBRANDT announced this during his panel speech at the Paris FinTech Forum. He also stated that the official announcement is scheduled later for today, January 30th.
More than 10,000 banks are currently connected to the SWIFT network. As for the blockchain, the network has conducted several pilot tests, but so far has not revised the old architecture. Such an announcement was really a big surprise.
Gottfried LEIBBRANDT also stressed the features of the GPI network:
“Our new GPI platform is extremely interoperable and open, and we’ve always had links to other networks [...] we are announcing later today a Proof-of-Concept with R3 blockchain on trade, where you can initiate a payment on the trade platform, and then it goes into GPI. So we’re exploring interconnectivity with a lot of things."
SWIFT's GPI platform aims to increase the transparency of cross-border payments. The development of GPI gained momentum last year, so there is a probability that a new partnership is caused by the increased competition from the emerging blockchains.
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