SWIFT to Trial GPI Standard on R3 Blockchain Platform
Financial network provider SWIFT has launched a proof of concept to trial a new gateway to connect e-commerce platforms with its new payments standard, GPI.
The new gateway, GPI Link, allows trade platforms to connect to gpi members, enabling payment initiation, end-to-end payment tracking, payer authentication and credit information.
The gateway also allows the continuous monitoring and control of payment flows and the subsequent movement of goods by those trade platforms. It will also support APIs, as well as SWIFT and ISO standards, to ensure global interoperability.
The initial proof of concept works on R3’s Corda distributed ledger platform, serving DLT-enabled trade. Using the gateway, firms using R3 will be able to authorise payments from their banks via gpi Link, settle gpi payments through their ban and receive credit confirmations on the respective trade platforms via gpi Link on completion.
SWIFT launched GPI (Global Payments Innovation) in 2017 with the goal of simplifying and speeding up cross-border payments. The three key features of SWIFT GPI are GPI tracker, GPI observer and GPI directory. SWIFT GPI tracker provides end-to-end tracking of payments being processed. This is achieved by means of incorporating unique end-to-end tracking reference[UETR] in GPI payments.
The results of the proof of concept trial will be demonstrated as a prototype at Sibos in London in September 2019.