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SWIFT gpi: linking SWIFT gpi with trade platforms -- The first results

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David Nicol presents alongside Valerie Minne and Tom Poppe to discuss SWIFT gpi and Corda.

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SWIFT gpi: linking SWIFT gpi with trade platforms -- The first results

  1. 1. SWIFT gpi: linking SWIFT gpi with trade platforms – The first results Valérie Minne, gpi Product Manager, SWIFT Tom Poppe, Innovation Product Manager, SWIFT David Nicol, Head of Digital Assets, R3
  2. 2. Why is SWIFT developing the gpi link? Digital trade platforms are appearing across different types of industries… …but settlement within these platforms remains a challenge... ➢ Global bank adoption hard to achieve (multiple integrations) ➢ Little appetite for settlement in crypto currencies or other stable coins ➢ Payment confirmation key to enable fast and efficient business processes
  3. 3. SWIFT and R3 have joined forces on a proof of concept, leveraging Corda and SWIFT gpi
  4. 4. The gpi link enables corporates on trade platforms to initiate a payment via an open API, have it settled in fiat currency via the gpi banks, and receive a credit confirmation back on the trade platform
  5. 5. Trade platform on Corda Settlement via SWIFT gpi https://www.r3.com/videos/swift-gpi-link- and-corda-settler-in-action/
  6. 6. So how does it work in the background? gpi link SWIFTmessages API gpi Tracker Trade platform on Factor Support (Payer) Taiwan Towers (Payee) Factor Support’s bank Taiwan Towers’ bank
  7. 7. Corda Settler integration with SWIFT gpi link gpi link SWIFTmessages API gpi Tracker Trade platform on Factor Support (Payer) Taiwan Towers (Payee) CordaSettler Factor Support’s bank Taiwan Towers’ bank
  8. 8. Corda Settler integration with SWIFT gpi link Open Source Corda application for two parties on Corda to create an obligation for how and when they will settle a Corda transaction Deferred settlement - Multi-step, but still conditional
  9. 9. Payment initiation on the trade platform gpi link SWIFTmessages API gpi Tracker Trade platform on Factor Support (Payer) Taiwan Towers (Payee) CordaSettler 2 Payment Initiation 1 Factor Support’s bank Taiwan Towers’ bank Transaction
  10. 10. Payment initiation on the trade platform
  11. 11. Payment initiation on the trade platform Payer’s signature with private key and certificate
  12. 12. Payment initiation API gpi link SWIFTmessages API gpi Tracker Trade platform on Factor Support (Payer) Taiwan Towers (Payee) CordaSettler 2 Payment Initiation 1 3 Payment Initiation API Factor Support’s bank Taiwan Towers’ bank Transaction
  13. 13. Payment initiation on the trade platform Unique payment identifier (UETR) for tracking
  14. 14. Payment initiation SWIFT message gpi link SWIFTmessages API gpi Tracker Trade platform on Factor Support (Payer) Taiwan Towers (Payee) CordaSettler 2 Payment Initiation 1 3 Payment Initiation API 4 5 Payment Initiation SWIFT message API link to SWIFT messaging format Factor Support’s bank Taiwan Towers’ bank Transaction PAYER END-TO-END AUTHENTICATION Signed MT101 or pain.001, with UETR
  15. 15. SWIFT gpi customer credit transfer gpi link SWIFTmessages API gpi Tracker Trade platform on Factor Support (Payer) Taiwan Towers (Payee) CordaSettler 2 Payment Initiation 1 3 Payment Initiation API 4 5 Payment Initiation SWIFT message API link to SWIFT messaging format 5 6 6 78 Payment Initiation SWIFT message Customer Credit Transfer Customer Credit Transfer Credit Confirmation Credit Confirmation Factor Support’s bank Taiwan Towers’ bank Transaction Standard gpi customer credit transfer
  16. 16. SWIFT gpi payment confirmation gpi link SWIFTmessages API gpi Tracker Trade platform on Factor Support (Payer) Taiwan Towers (Payee) CordaSettler 2 Payment Initiation 1 3 Payment Initiation API 4 5 Payment Initiation SWIFT message API link to SWIFT messaging format 5 6 6 78 Payment Initiation SWIFT message Customer Credit Transfer Customer Credit Transfer Credit Confirmation Credit Confirmation 9 Credit Confirmation Factor Support’s bank Taiwan Towers’ bank Transaction MT199 or pain.002, with UETR
  17. 17. Payment confirmation API gpi link SWIFTmessages API gpi Tracker Trade platform on Factor Support (Payer) Taiwan Towers (Payee) CordaSettler 2 Payment Initiation 1 3 Payment Initiation API 4 5 Payment Initiation SWIFT message API link to SWIFT messaging format 5 6 6 78 Payment Initiation SWIFT message Customer Credit Transfer Customer Credit Transfer Credit Confirmation Credit Confirmation 9 Credit Confirmation Payment Confirmation API 11 Factor Support’s bank Taiwan Towers’ bank Transaction 10 SWIFT messaging format link to API
  18. 18. Payment confirmation on the trade platform gpi link SWIFTmessages API gpi Tracker Trade platform on Factor Support (Payer) Taiwan Towers (Payee) CordaSettler 2 Payment Initiation 1 3 Payment Initiation API 4 5 Payment Initiation SWIFT message API link to SWIFT messaging format 5 6 6 78 Payment Initiation SWIFT message Customer Credit Transfer Customer Credit Transfer Credit Confirmation Credit Confirmation Factor Support’s bank Taiwan Towers’ bank 9 Credit Confirmation Payment Confirmation API 11 Payment Confirmation 12 Transaction 10 SWIFT messaging format link to API
  19. 19. Payment confirmation on the trade platform
  20. 20. Additional use cases gpi link Bank-originated Payments (Trade Finance) Kick-off Q1 2020 e-commerce (W3C Web Payment APIs) PSD2 Open banking
  21. 21. Participants to the proof of concept
  22. 22. Questions
  23. 23. www.swift.com Power Point template - You can edit footer content by going into 'Insert' tab, Header & Footer 23

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