The SWIFT said that banks understand the impossibility of standing still. They need to adapt their own systems to the demands of modern times, and this can only be done by a seamless and open global translation system.
A week after Facebook, together with its partners, announced a blockchain for payments, SWIFT released a new document, Payments: Looking to the Future. In it, CEO Gottfried Leibbrant and marketing director Luc Meurant confirm that SWIFT will use the blockchain , and the company expects a more open model of financial services and applications in the banking ecosystem.
GPI (Global Payments Innovation) is the response of SWIFT to all blockchains that have appeared in recent years. This is the action plan that SWIFT has developed to achieve the ultimate goal. It involves instant, global, round-the-clock payments from any bank account to any other bank account. It is also confirmed that the blockchain technology (DLT technology) will lie in his system.
“It is important to note that we do not believe that the problems of cross-border payments should be solved with the help of closed systems. Funds must move everywhere – from one account to another. Closed elements create barriers, reduce interchangeability and mobility, limit competition and destroy liquidity. ”
SWIFT and its payment system GPI has three key components :
- the creation of a unique identifier that accompanies each payment throughout its entire trajectory;
- a tracker that tracks these payments and reports their status;
- The third element sets up a new cross-border convention, in accordance with which banks undertake to process payments in a short time.
More than 55% of SWIFT cross-border payments are already made through GPI, providing cross-border payments in the amount of more than $ 40 trillion.
According to Swift, in two years each cross-border payment will be a GPI payment.
Publication date 25.06.2019
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