SWIFT has introduced a blockchain-powered Proof-of-Concept (PoC) global payments innovation (gpi) Link to provide faster payment services by connecting the gpi members to various trading platforms. The PoC is built on R3’s Corda platform, which will enable the corporates using Corda platform to authorize payments from their banks via the gpi Link. The banks will settle the payments and intimate them via the gpi Link.
Itochu Corporation, a Japan-based trading company, has started a Proof-of-concept which will focus on developing a blockchain traceability system for enhancing the trading processes. As per reports, the platform will enable buyers and sellers record the transaction details such as date, time, location, etc. on blockchain via a smartphone app. The PoC will use the rubber supply chain of Pt. Aneka Bumi Pratama, an Indonesia-based crumb rubber firm co-owned by Itochu.
SBI Ripple Asia, a sister collaboration of Ripple, has signed a new partnership agreement with the Japan Payment Card Consortium. The partnership aims to fight against frauds with Proof of Concept technology (PoC). The PoC system will be implemented via Corda because of its data privacy and security set-up.