logo

SWIFT to allow blockchain platforms to process GPI-payments

SWIFT blockchain

SWIFT, which is one of the largest messaging solutions providers for the global market is going to allow blockchain-based platforms to process GPI-payments.

GPI, which is an abbreviation for Global Payments Innovation is a platform based on the SWIFT groundwork. The main value of the project is that it speeds up international transactions and helps users receive funds in a matter of minutes.

GPI is able to speed up the transactions by automating bank connections while also maintaining a transparent nature for future audit purposes.

SWIFT’s idea of GPI was to incorporate the majority of cross border transactions into their platform, and they’re pretty much halfway there.

Currently, 55% of all international transactions, around $40 trillion are made via GPI. Should the blockchain industry have any connection with this system, it would popularize the technology to a point where it can’t be ignored anymore.

SWIFT understands the importance of technology that speeds up these transactions and helps to moderate them as much as possible. The future is all about speed and efficiency and that’s exactly what the blockchain brings to the market.

The company was working on the pilot project with the R3 Consortium in order to link GPI somehow to a blockchain platform called Codra for better monitoring. 

The pilot project has been in development for six months now and will most likely launch in full scale before the end of the year.

[wp-faq-schema title="FAQs" accordion=1]
Giorgi Mikhelidze

Giorgi Mikhelidze

Georgian-born blockchain enthusiast Giorgi leverages his software development background for on point market commentary and analysis. A brief stint with Finance Makers and he's now covering crypto news for high authority websites with the tip learned from past experience, "Whenever you see people talking about the weakness of your idea, don't see it as criticism."

Related News

Hot Stories

Neo price analysis: NEO continues bullish flight as price touches $8.70
Cozy Web3 Movement: Cozies announces minting of Cozies NFTs for October 10th
Litecoin price analysis: LTC struggles at $54 as bearish pressure increases
NiceHash Launches First Solo Mining Hashpower Exchange Service to Help Struggling Crypto Miners
Dogecoin price analysis: DOGE sets double top at $0.067, looks to retrace further?

Follow Us

Industry News

NiceHash Launches First Solo Mining Hashpower Exchange Service to Help Struggling Crypto Miners
US Job openings fall by 6.2% - What does this mean for the crypto market?
Here are all the Three Arrows Capital NFT collection details on the verge of liquidation
Did authorities freeze Do Kwon's assets?
Crypto Exchange OKX blacklisted in Russia due to unclear grounds