Blockchain Empowers SWIFT, a New Era of Cross-border Payment – SWIFT BPI is Launched
Place/Date: - July 10th, 2020 at 7:43 am UTC · 5 min read Source: SWIFT “Cross-border payment system is undergoing large-scale transformation.” At the end of 2016, the first phase of the SWIFT GPI project was completed; in April 2017, DLT PoC (distributed ledger technology verification) was officially launched as a component of GPI, and SWIFT GPI launched blockchain technology; after that, SWIFT continuously updated the GPI system and DLT PoC technology incorporates blockchain technology in cross-border payment services.
In September last year, SWIFT CEO, Gottfried Leibbrandt, one of the 10 banking executives who led the vision of the Swift global payment plan, told the 8000 audience attending the Sibos conference, SWIFT GPI is considering the adoption of blockchain technology. According to informed sources, SWIFT GPI (Global Payment Innovation)’s blockchain technology product SWIFT BPI (Blockchain Payment Innovation) has come out and has been tested on a small scale and is expected to be promoted globally in the near future.
