Standard Chartered has become the first Euro settlement bank to go live on Partior, a global unified ledger market infrastructure that integrates blockchain innovation directly into the bank’s payment systems.
The bank has successfully completed a Euro-denominated cross-border transaction on the Partior 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, describes the transaction as a significant milestone for the operationalization of distributed ledger technology (DLT)-based transaction workflows within the bank’s core systems in a real-world commercial setting.
“We understand the real transformation that blockchain-enabled solutions can deliver to the industry and broader ecosystem. Our collaboration with Partior as 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 safely and efficiently,” he stated.
Standard Chartered invested in Partior in 2022, a DLT venture established by DBS, Temasek, and JPMorgan to challenge the traditional hub-and-spoke model of cross-border payment flows.
Partior has its roots in Project Ubin, a blockchain-based prototype for multi-currency payments developed by the Monetary Authority of Singapore in partnership with JPMorgan and Temasek.
Humphrey Valenbreder, CEO of Partior, commented, “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.”