Blockchain technology has often been well-praised for its ability to facilitate instant cross-border transactions. However, at this moment in time, while most banks are researching the benefits of blockchain, no system of this kind has been implemented yet.

A recent announcement made by SWIFT, the world’s biggest global interbank messaging platform, may make blockchain-based bank-supported cross-border payments a reality. As such, the SWIFT announcement mentions that blockchain firms will soon be able to leverage the Global Payments Innovation (GPI) platform to carry out instant payments.

SWIFT, commonly known as the Society for Worldwide Interbank Financial Telecommunication, represents one of the world’s biggest financial networks, as it allows financial institutions throughout the world to send and receive money alongside data on financial transactions, via a reliable and standardized environment. It represents the system used by most of the world’s banks for sending and receiving money, yet it has often threatened to withdraw from Russia given economic sanctions.

As a response, back in 2014, Russia has begun developing its very own Financial Communications Transfer System (SPFS) that it would use in case of a SWIFT withdrawal. While the SPFS is currently an alternative system, a total of 585 Russian banks use it as a standard, whereas others keep it in reserve in case SWIFT ends up being withdrawn from the country.