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.
Iran has finally unveiled plans to launch its own cryptocurrency during the annual two-day Electronic Banking and Payment Systems conference, scheduled to be held on 29th January 2019. The country has taken this step to circumvent the sanctions imposed by the US. The country has also announced its plans to launch a nationalized version of SWIFT Network in the near future.
SWIFT has announced its plans to launch a pilot Global Payment Initiative (GPI) service. The GPI is being developed to enhance the efficiency of payment process by delivering an integrated and interactive service. The pilot will begin with 15 banks including J.P. Morgan, Barclays, CitiGroup and Bank of China. SWIFT has claimed that it will help in improving customer experience and reduce associated costs.
A SWIFT Spokesperson has cleared the air about the alleged partnership between SWIFT and Ripple, stating that SWIFT is not collaborating with Ripple anytime soon in order to drive the price of XRP, as reported on November 7. As per the reports, a rumor was spread that SWIFT’s partnership with Ripple is going to widen Ripple’s reach to roughly more than 4000 banks. However breaking the ice, a SWIFT’s spokesperson said that the company will have a technical upgrade to track the transactions efficiently between banks.