Payments network SWIFT said to be looking to integrate blockchain tech with R3

30 Jan, 2019
by Ryan Boltman
News
Payments network SWIFT said to be looking to integrate blockchain tech with R3

Global services for financial payments provider SWIFT is set to be looking to partnering with blockchain technology firm R3, according to reports by Cointelegraph.

CEO Gottfried Leibbrandt announced at the Paris Fintech Forum today that integration plans would be formally announced at the event later today. The panel of speakers included Brad Garlinghouse, CEO of Ripple.

Read More: Ripple makes 2 massive transfers today, one to Bitstamp, one to mystery wallet

It has been no surprise that Ripple has been making strides in its effort to become the new interbank network, effectively SWIFT 2.0, with Garlinghouse even saying "what we are doing on a day-to-day basis is in fact taking over SWIFT."

SWIFT has been falling behind as R3, an enterprise software firm that focuses on distributed database technology looks to develop Corda, an open-source distributed ledger platform that is designed to work within finance to operate complex transactions and restrict access to transaction data.

R3's Corda has already gained attention from healthcare institutions, the insurance industry and governments. Corda is currently being implemented into the financial industry with Credit Suisse and IGN already making use of its services.

Read More: Report: Ripple to "revolutionize" remittance and overtake "ancient" SWIFT

SWIFT has yet to find a solution to R3's Corda and with the software gathering steam and collecting over 300 partners across multiple industries already, SWIFT will be looking to onboard the technology in order to remain relevant, or risk being overthrown.

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Read more about: Ripple (XRP)

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