Swift Sees GPI as a Better Solution than Blockchain

International payments network Swift has created their alternative to blockchain which they believe is a better, more reliable solution; global payments innovation or GPI allows a network of more than 450 banks to have transparency into where payments are at all times; 40 percent of payments are credited in 5 minutes and 50 percent are credited within 30 minutes; there are two main issues Swift say blockchain cannot solve; legal & regulatory requirements between banks who don’t have the same KYC requirements and the fact that rival banks don’t want one another to see how much money they have; no matter how fast blockchain might be these issues will still need to be addressed and in most cases that comes down to communication between banks; Swift has tested blockchain technology but right now they believe GPI solves all issues and has so far settles more than $300bn daily on the network. Source.

  • Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.

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