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SWIFT opens gates for DLT firms to use blockchain



SWIFT opens gates for DLT firms to use blockchain
Source: Pixabay

With the major firms across the globe drifting towards the blockchain technology, the crypto ecosystem had seen a rise in the number of users. The strict regulations in the cryptoverse had also assured the users about their identity’s privacy and capital’s security. 

The Society for Worldwide Interbank Financial Telecommunications [SWIFT] will be permitting Distributed Ledger Technology [DLT] firms to utilize its Global Payments Innovation [GPI] in the offing. This will help the organizations in exploring their businesses in order to integrate the best quality of services for the users.

Gottfried Leibbrandt, CEO, SWIFT, said,

“Our new GPI platform is extremely interoperable and open, and we’ve always had links to other networks […] we are announcing later today a Proof-of-Concept with R3 blockchain on trade, where you can initiate a payment on the trade platform, and then it goes into GPI. So we’re exploring interconnectivity with a lot of things.”

Furthermore, the current SWIFT system and foundation was utilized to accesses and tested for approving the pertinence of the latest innovation. With the strict regulations, the blockchain technology will prove to be beneficial  in the offing for the prospective businesses.  

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Chayanika is a full-time cryptocurrency journalist at AMBCrypto. A graduate in Political Science and Journalism, her writing is centered around regulation and policy-making regarding the cryptocurrency sector.