SWIFT Announces PoC Gateway With R3, but Remains Overall Hesitant About Blockchain

Major global banking payments network SWIFT announced its collaboration with R3.

On Jan. 30, major global banking payments network SWIFT announced it plans to launch a proof-of-concept (PoC) of a gateway — titled GPI Link — that will allow blockchain software firm R3 to connect to SWIFT’s Global Payments Innovation (GPI) payments from its platform.

Therefore, SWIFT has made another step toward adopting blockchain, despite having expressed concerns over the technology’s maturity in the past. However, SWIFT’s competitors have already voiced their concerns, saying that the new system is not decentralized enough.

Brief introduction to SWIFT’s relationship with blockchain

SWIFT is a 46-year-old Belgium-based interbank messaging service and a co-operative owned by about 11,000 member banks in more than 200 countries. Its network handles as much as $5 trillion worth of transactions per day worldwide, according…

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2019-02-03 18:33:00

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Written by Cointelegraph

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