Standard Chartered is the first Euro settlement bank to go live on Partior, the global unified ledger market infrastructure, integrating blockchain innovation directly into the bank’s payment systems
The bank has successfully completion a Euro-denominated cross-border transaction on the Parior network, facilitating payments between Hong Kong and Singapore for client transactions with Siemens AG and iFAST Financial Pte Ltd.
Mahesh Kini, global head of cash management at Standard Chartered, bills the transaction as a significant milestone for the integration and operationalisation of distributed ledger technology (DLT)-based transaction workflows within the bank’s core banking systems in a real-world commercial setting
"We understand the real transformation that blockchain-enabled solutions can deliver to the industry and broader ecosystem, and our collaboration with Partior to be the first Euro settlement bank to launch on the network brings us closer to our goal of providing real time, 24/7 flows at scale for corporates and financial institutions, while meeting their treasury needs in a safe and efficient manner,” he says.
Standard Chartered invested in Partior in 2022, a DLT venture set up by DBS, Temasek and JPMorgan to challenge the cumbersome hub-and-spoke model applied to traditional cross-border payment flow.
Partior, has it roots in project Ubin, a blockchain-based porotype for multi-currency payments developed by the Monetary Authority of Singapore in partnership with JPMorgan and Temasek.
Humphrey Valenbreder, chief executive officer, Partior, comments: "The onboarding of Standard Chartered expands Partior’s network coverage to include the Euro, in addition to US Dollars and Singapore Dollars, and enhances connectivity for end clients serviced across major financial centres including Singapore, Hong Kong, Frankfurt, London and New York,” said