SWIFT unlocks instant transactions for blockchain platforms

SWIFT, a global provider of messaging solutions in the financial industry, allows blockchain-based trading platforms to process GPI-payments.  

Global Payments Innovation (GPI) convention builds upon the existing SWIFT  infrastructure. It allows users to speed up the processing of cross-border transactions and make them more transparent. The solution improves the overall efficiency of transactions processing and automates the connection with the banking system, according to the latest research published by SWIFT.

Thus, at this stage, over 55% of all cross-border payments to the tune of $40 trillion are made via GPI. Thanks to the new technology, the majority of end beneficiary customers receive the payments within minutes. SWIFT experts believe that this technology will be predominant in the nearest future.

"Because customers are demanding ever-faster payments and more and more markets are moving to real-time, banks will have no choice but to start processing their payments this way," the report says.

Notably, SWIFT pilot project developed in partnership with R3 Consortium was based on the idea of connecting GPI Link with a blockchain platform Codra to allow for payments monitoring. 

SWIFT has been working with R3 since January 2019. In spring it became a member of INATBA - International Association for Trusted Blockchain Applications - along with Ripple, IBM and ConsenSys AG.