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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“I would say payment and utility tokens are more or less over, sometimes they make sense.”Talking about stablecoins, he explained that their decentralized mechanism is what makes sure that they are legally considered to be payment tokens rather than securities:
“Stablecoins are a precondition to enable average companies to bring their equity onto the blockchain, because if they issue bonds or shares they want to do so against U.S. dollars, euros or Swiss francs, because those are the currencies they calculate in, not Bitcoin (BTC) or Ethereum (ETH).”Meisser also pointed out that the banks in Switzerland still don’t attempt to try crypto but local startups do use them as a way to avoid banking difficulties in the country.
Bitfury Enters Music Industry With Blockchain-Based Open Source Platform Launch
“The Surround platform will enable the entire music entertainment industry to streamline operations through secure transfer of copyright assets, streamlined connectivity as well as better monitoring and management systems."The launch of this new service marks the expansion of Bitfury onto various aspects beyond mining. Within the ecosystem, this week also saw the company bringing off-chain payments through the Lightning Network (LN) to their first exchange environment thanks to a partnership with Poland's BTCBIT. As the CEO of Bitfury commented about the Surround project:
"The music entertainment industry has evolved into a complex, competitive, technology-driven environment that suffers from a severe lack of transparency.We want to champion artists and help incentivize the growth of the entire industry through the creation of this open, blockchain-based ecosystem."There are many blockchain entities which are tackling the music industry transparency for several years, with ideas such as blockchain-based streaming service being revealed in 2018.
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