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R3 Corda DLT to support Swift payments gateway

Swift, the Brussels-based global financial messaging service network, will trial its global payments innovation (GPI) Link payments gateway on R3’s Corda distributed ledger platform.

The Proof of Concept (PoC) will establish and test a new gateway to link e-commerce and trading systems with SWIFT GPI, its cross-border payments standard.

The trial will allow corporates using the R3 Corda blockchain to authorise payments via the GPI Link from their banks.

On completion of settlement, they will receive credit confirmations via the GPI Link on their trade platforms, while offering end-to-end payment tracking and payer confirmation throughout the payment lifecycle.

The aim is to support fast and secure global settlement against fiat currencies by enabling off-ledger payments settlement based on GPI Link.

Swift says that the PoC will later be extended beyond R3’s distributed ledger technology (DLT) environment to support other DLT, non-DLT and e-commerce trading platforms.

By allowing trade platform ecosystems to integrate the GPI Link, Swift intends to widen the reach of GPI out to a broader range of corporates and markets.

It says that the GPI standard currently supports more than US$300 billion (€261 billion) per day in cross-border settlements, with more than 50% of Swift GPI payments credited to final beneficiaries within 30 minutes.

It plans to demonstrate the results of the PoC in September at its Sibos conference in London.

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