Swift, the financial messaging service for the world's biggest banks, is partnering with blockchain start-up R3.
Gottfried Leibbrandt, Swift's chief executive, said the institution would link R3's platform with its new payments standards framework GPI, or Global Payments Innovation.
"We are announcing later today a proof-of-concept with the R3 blockchain on trade where you can initiate a payment on the trade platform and then it goes into GPI," Leibbrandt said at a CNBC-moderated panel session at the Paris Fintech Forum on Wednesday.
Founded in 2014, R3 leads a consortium of major financial institutions and is aimed at bridging the gap between blockchain technology and the banking industry.
The partnership with R3 will see Swift hook its GPI technology up to the former's blockchain platform Corda, according to an announcement on Swift's website. Firms using R3's Corda network will be able to authorize and settle payments with the help of a gateway called GPI Link, Swift said.
Swift touts GPI as a technology that's able to speed up cross-border payments between banks, with end-to-end tracking of transactions in real-time.
Leibbrandt was speaking beside Brad Garlinghouse, the chief executive of Ripple, a fierce competitor to R3. The San Francisco-based start-up has made no secret of its bid to steal business from the almost five-decades-old payments processing giant.