Standard Chartered has become the first Euro settlement bank to go live on Partior, the global unified ledger market infrastructure, integrating blockchain technology directly into its 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 clients Siemens AG and iFAST Financial Pte Ltd. This marks a significant milestone in the integration and operationalization of distributed ledger technology (DLT) within Standard Chartered’s core banking systems.
Mahesh Kini, Global Head of Cash Management at Standard Chartered, highlighted the importance of this development: “We understand the real transformation that blockchain-enabled solutions can deliver to the industry and broader ecosystem. Our collaboration with Partior to be the first Euro settlement bank 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.”
Standard Chartered invested in Partior in 2022, a DLT venture initiated by DBS, Temasek, and JPMorgan to challenge the traditional hub-and-spoke model used in cross-border payment flows. Partior has its origins in Project Ubin, a blockchain-based prototype for multi-currency payments developed by the Monetary Authority of Singapore in collaboration with JPMorgan and Temasek.
Humphrey Valenbreder, CEO of Partior, added: “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 centers including Singapore, Hong Kong, Frankfurt, London, and New York.”
This advancement showcases Standard Chartered’s commitment to leveraging innovative blockchain solutions to enhance the efficiency and security of global payment systems.