The SWIFT bank payment system announced its intention to begin integrating R3 technology, a DLT provider on the Corda platform, as reported by the CoinDesk news agency.
Speaking at the Paris-based Fintech Forum, CEO of SWIFT, the payment giant of interbank transactions, reported on the integration of a system of R3 technology.
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Corda R3 platform and possible integration
As you know, the Corda R3 platform was created to reduce costs in the implementation of business operations. The positive effect is achieved since companies can make transactions without intermediaries based on smart-contracts. The key feature of Corda is that the platform uses blockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details with special notary nodes, which is different from the work of the blockchain technology that is common to all.
On January 30, SWIFT CEO Gottfried Leibbrandt stated on the stage of the Paris Fintech Forum: "A little bit later, today, we will announce integration with R3".
At the event, Leibbrandt appeared on stage with Brad Garlinghouse, CEO of Ripple. As you know, Ripple has long hinted at the low efficiency of the SWIFT banking network and often refers to its outdated architecture, due to its low bandwidth and speed.
Details and date of integration and cooperation are not yet known.
Recall that last December, R3 launched the Corda Settler platform, an application designed to facilitate cross-border payments and the transfer of cryptocurrency within the corporate blockchain. Now, this technology is already using Ripple.
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SWIFT payment system announced integration with R3 Corda – more detailed information will appear after the integration process begins.
Editor: Yulia Krasnaya