Swift takes on fintechs with new payment system

Quant Network & Overledger forum Forums Clients / Partners Swift takes on fintechs with new payment system

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    I feel this could be Overledger related.

    Verdian founded Blockchain ISO Standard TC307 in 2015 that now has 46 countries and organisations such as the European Commission, SWIFT and IBM working together to standardise blockchains. Verdian is also the Chairman of the UK’s national committee on Blockchain and Distributed Ledger Technologies (DLT/1).

    According to an exclusive from Finance Magnates, a SWIFT spokesman denied the rumors after the journalist team contacted them trying to obtain an official statement to clarify the situation.

    “I’m not sure where those rumors are coming from but the upcoming standards release … is entirely unrelated to RippleNet. Its primary purpose is to ensure all payments include a tracking reference (UETR, Unique End-to-end Transaction Reference) which will allow banks to track their GPI payments end-to-end in real time.”

    In a testament to how banks are hedging their bets on the future of payments, several of those banks are now part of a pilot for Swift’s own fix for lengthy payment delays — — a new “prevalidation” system in which banks use an application programming interface (API) to access each other’s data to check things such as the validity of bank account numbers when a payment is initiated. 

    Under the blockchain-based system information is shared on a mutually distributed ledger hosted on the cloud that can be accessed and edited by all participants in real time. The API system, by contrast, allows banks to access each other’s data on a bilateral basis, ensuring the recipient’s account information is correct before it is sent in an effort to reduce delays


    This activity complements SWIFT’s work on the next phase of global payments innovation (gpi) – an initiative that is transforming cross-border payments.

    Goverify fraud protection:


    Overledger (API)


    Gilbert: We have already been doing deepdives with customers to show how easy it is to get started with Overledger. We’re going to make videos and webinars on how to create mApps – we’re revamping overledger.com which is going to be the main site to get all the detail and information from. This includes technical documentation, FAQs, API documentation, Presentations etc.

    We actually are quite close to the IBM, Hyperledger and Quilt teams on an individual level. We’ve solved interoperabiltiy in a unique way by abstracting the complexity of infrastructure and DLT networks. Our approach is unique and from our experience much more easy to work with. 3 lines of code and in 8 minutes. The other approaches are not as simple to adopt and implement

    Ghost of St. Miklos:
    We were looking at the project and came across an interesting analogy. SWIFTs usage of GPI sounds very familiar, and could possibly use Overledger to great effect. How similar do you view the GPI initiative and Overledger to be?

    Also, seeing that smartcontract.com is a partner in Accord with you, have you envisioned any usage of them within Overledger?

    By embracing SWIFT gpi – the new standard in global payments – banks are now sending and receiving funds quickly and securely to anyone, anywhere in the world, with full transparency over where a payment is at any given moment. SWIFT gpi dramatically improves cross-border payments across the correspondent banking network, and not least for corporates for whom speed, certainty and a smooth international payments experience is an absolute must.

    SWIFT is involved in the ISO TC 307 that Gilbert Verdian founded

    • This topic was modified 11 months ago by TheAlliance TheAlliance.
    • This topic was modified 11 months ago by TheAlliance TheAlliance.
    • This topic was modified 11 months ago by TheAlliance TheAlliance.
    • This topic was modified 11 months ago by TheAlliance TheAlliance.
    • This topic was modified 11 months ago by TheAlliance TheAlliance.
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