Swift Reveals Future Global Payment Tech – Blockchain Not Included

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After months of testing, Swift, the interbank payments platform that connects 11,000 global banks, has formally launched the system it believes will be the future of its cross-border payments services.

And notably absent was any integration with blockchain or distributed ledger technology.

As part of the formal rollout, Swift (or the Society for Worldwide Interbank Financial Telecommunication) revealed that 12 of the world’s largest banks have been conducting real-time transactions via its Global Payments Innovation (GPI) project for some months.

Although Swift plans to continue its experiments with blockchain for other applications, GPI program director Wim Raymaekers told CoinDesk that its cross-border payments solution demonstrates the efficiencies possible using more traditional alternatives.

He said:

“It is there today. We can improve it over time, all the time, it’s a continuous improvement.”

As of early this morning, initial GPI users – a group that includes the Bank of China, BBVA, Citi, ING Bank and Standard Chartered – will have conducted “tens of thousands of transactions” between 60 country corridors, Raymaekers said.

Instead of rebuilding Swift’s cross-border payments infrastructure from scratch, the GPI has been constructed as a set of business rules encoded on top of the existing infrastructure with an eye to increasing speed, transparency and the traceability

Read more ... source: CoinDesk

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