In its first pilot with participating banks, it achieved end-to-end settlements in SGD and USD in less than 120 seconds.
Partior, a platform for payments clearing and settlement using distributed ledger technology (DLT) has gone live, and its reduction in settlement time is garnering «significant» interest from across the payments ecosystem, it announced in a statement on Tuesday.
The new platform uses an «atomic» model to replace the existing sequential operational approach to payments settlement, which enables faster settlement, increased visibility of payment flows and fewer intermediaries, resulting in lower costs.
Huge Demand Expected
Global cross-border transactions expected to reach $156 trillion in 2022, Partoir noted, citing EY data.
«We’re supporting an increasingly connected world whilst speeding up the process of payment validation and settlement within cross-border transactions,» said Jason Thompson, Partior's CEO, who joined earlier this month.
«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,» he added.
Expansion Planned
Founded by DBS, J.P. Morgan and Temasek, Partior is the result of «Project Ubin,» a collaborative project between the Monetary Authority of Singapore (MAS) and the industry to explore the use of blockchain and DLT for the clearing and settlement of payments and securities.
The platform recently said it is was working to establish offices in London, New York and Beijing, and engaging leading banks globally to join the platform.
