SWIFT Will Use the Blockchain to Make Instant Payments

SWIFT Will Use the Blockchain to Make Instant Payments

As it became known, in the near future, SWIFT will make available GPI payments based on blockchain technology. As stated in the report, this solution will eliminate some problems with payments, as well as automate connections with the banking system.

As is known, GPI is used to speed up remittances, as well as to increase their transparency. According to SWIFT, 55% of all international transactions are carried out through GPI technology (about $40 trillion per year). Most of these transfers are made in minutes, but it happens that they hang for the whole day. With the help of blockchain technology, all these transactions can be carried out faster, more reliable and easier.

It is worth noting that the overall project of the R3 and SWIFT consortium, which resulted in the above report, initially involved connecting the GPI Link gateway with the Corda blockchain platform to track transactional flows, support API for developers and SWIFT/ISO standards.

We want to remind you:

SWIFT Payment System: What It is and How It Works

Leave a Reply

Your email address will not be published. Required fields are marked *