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.
