SWIFT announces a collaboration with distributed ledger technology R3! SWIFT and Ripple’s CEOs clash at the forum venue
SWIFT Integrates R3's "Corda Settler"
Gottfried Leibbrandt, CEO of the Society for Worldwide Interbank Financial Telecommunication (SWIFT), announced the integration of R3's blockchain fintech product "Corda Settler" into the new payment system GPI (Global Payment Innovation).
SWIFT was established in 1973 and partners with 11,000 financial institutions in 200 countries.
Headquartered in Belgium, it is a privately held company that provides cloud services for all types of communications between financial institutions.
Although it has a global reach, SWIFT has faced criticism for slow remittance speeds, high costs, and incidents such as the $81 million fraud in 2016.
Meanwhile, blockchain companies such as Ripple, Stellar, JPMorgan's IIN, and Alibaba's Alipay have emerged as rivals to SWIFT.
Competition in the international remittance market is intensifying.
With the integration with R3, GPI is expected to speed up international transfers and settlements between banks, and enable real-time transaction tracing.
On the other hand, while SWIFT aims to improve transparency and speed with GPI, it is said to rely mainly on existing infrastructure and cloud technologies rather than blockchain, making the future of technology development a focus of attention.
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