SWIFT Created A New Payment System To Protect Blockchain and FinTechs Provided By Ripple, JP Morgan, and Transferwise

SWIFT has announced in its

latest press-release

that it decided to launch a new payment service - Global Payment Initiative (GPI), which is still in pilot version. The system is aimed at combating threats that bring harm to

blockchain

and other fintech solutions of such institutions like

Ripple

, JP Morgan, and Transferwise.

The main target of the pilot is “to build the foundation of a new integrated and interactive service that will significantly improve efficiencies in the payments process and which will ultimately be made available to all 10,000 banks across the SWIFT network.”

The

GPI tests

were conducted in October to try cross-border payments with banks in Thailand, China, Australia, and Singapore. The trial showed that using GPI-system payments could be carried out almost instantly.

According to SWIFT, the pilot GPI system starts working in the first half of 2019. It will cooperate with 15 financial institutions, including Bank of China, JP Morgan, CitiGroup and others. The service provides full transparency to payment beneficiaries and originators.

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