Partior Pilots SGD and USD Settlements in Near Real Time With Participating Banks

Partior, a blockchain technology provider for payments clearing and settlement, announced that it is operational and has begun its first pilot with participating banks, achieving end-to-end settlements in SGD and USD of less than 120 seconds.

The new platform uses an ‘atomic’ model to replace the existing sequential operational approach to payments settlement.

Simultaneous settlement, combined with a 24×7, always-on infrastructure may help speed up wholesale settlements by banks from an average of two days to 120 seconds when the banks on the payment chain use Partior.

In turn, the reduction in settlement time may free up liquidity and reduce settlement risk.

Use of the Partior platform also increases visibility of payment flows for participating banks by potentially reducing the need for intermediaries which in turn, reduces the cost.

Following the initial pilot, Bank ABC (Arab Banking Corporation B.S.C.) will be collaborating with J.P. Morgan to have the latter send its payments through the Partior platform.

This enables Bank ABC’s corporate clients to benefit from real-time settlement of high-value payments from Bahrain to beneficiaries in other countries and vice versa enabled by Partior.

Partior was founded by DBS, J.P. Morgan and Temasek, and has its genesis in Project Ubin – a collaboration between the Monetary Authority of Singapore (MAS) and the financial industry to explore the use of blockchain and distributed ledger technology for clearing and settlement services.

The platform is also an official partner of MAS’ Global CBDC Challenge and has deployed a digital currency sandbox in which Standard Chartered and its fintech partner Shareable Asset participated in.

Jason Thompson

“Partior is wholly invested in the ideation and co-creation of the next generation of payments technology. We’re supporting an increasingly connected world whilst speeding up the process of payment validation and settlement within cross-border transactions.

That will take investments of resources, technology and concerted collaboration as we navigate the greatest disruption in the history of money and comes at a significant moment of inflection for the financial services industry.”

said Jason Thompson, CEO of Partior.

Source: https://fintechnews.sg/56658/blockchain/partior-pilots-sgd-and-usd-settlements-in-near-real-time-with-participating-banks/