The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is in the cryptocurrency news today for its recent announcement to launch a pilot Global Payment Initiative (GPI) service which will compete with the growing threat of competing blockchain and fintech solutions provided by companies such as Ripple, JP Morgan and Transferwise.
The ambitious pilot aims 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,” as the official statement reads.
After conducting a successful GPI test in October this year and carrying out instant cross-border payments with banks in China, Singapore, Thailand and Australia, the new system is able to trigger fast identification and elimination of errors and omissions in payment data such as missing or incorrect beneficiary information or incomplete regulatory information.
With this, SWIFT hopes that the GPI payments service will also allow fast and seamless transactions, reducing the delays and costs while improving the overall customer experience. W
The GPI of the system uses an Application Programming Interface (API) which enables banks to access each other’s data and validate recipient account information before a payment is processed.
Another excerpt from the statement reads:
“Fully integrated with GPI payments, the service will facilitate real time dynamic bank-to-bank interaction using APIs to improve the predictability and efficiency of international payments, and look at using predictive analytics. It will later be complemented with a post-payment investigation and reconciliation service that will allow for fast resolution of the remaining factors, typically arising from compliance or regulatory requirements, which can slow down the payments process.”
The pilot of the GPI is set to kick off at the beginning of 2019 with 15 selected banks including JP Morgan, Barclays, Bank of China and CitiGroup to take part in the project.
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“We should challenge ourselves with a resolution to make new foundations, moving beyond the scope of protecting our past achievements,” Lee noted, confirming the news that Samsung taps blockchain.As we reported last month in our altcoin news section, the budget smartphones by Samsung will start to include cryptocurrency and blockchain features. Meanwhile, crypto and blockchain functionalities have already been confirmed for the Samsung S10 phone and will be included in other Galaxy smartphone models, too. At the end of April, one anonymous source also claimed that Samsung could eventually develop its own public-private blockchain which will be completed with its own token. This confirms the craze for blockchain technology and innovation that is currently spreading among Asian conglomerates.
First Legally Registered DAO Created By Blockchain Devs dOrg
“dOrg asked us to help design a DAO legal wrapper after discovering the potential of BBLLCs. We believe that dOrg is now the first legal entity that directly references blockchain code as its source of governance. Its material operations and ownership interests are managed entirely on-chain.”The dOrg group also noted that the BBLLC registration process should become much easier:
“We want to make what we just did accessible to anyone in the world. Ultimately, the process of configuring and deploying a legally registered DAO will be as easy as creating a social media account.”The ConsenSys-backed ‘’smart legal contracts’’ as previously explained in the coming altcoin news, project OpenLaw proposed a new Ethereum dapp called Incomshare.me which helps students to tokenize income share contracts and to take participation in secondary markets with them. The contracts help the students commit negotiated portions of future salaries. The Incomeshare.me platform uses the ethereum blockchain to host these contracts. OpenLaw community member Josh Ma noted
“As this alternative model for funding higher-education becomes more popular, enabling a secondary market would accelerate its adoption by providing liquidity and opportunities to mitigate risk, both attractive qualities for investors.”
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