Yesterday Singapore’s Partior announced it completed a proof of concept for FX payment versus payment (PvP) settlement using its blockchain network. Participants include two of its co-founders, JP Morgan and DBS Bank, as well as Japan’s third largest bank, Mizuho.
Partior already has a production solution to enable instant 24/7 cross border payments via correspondent banks. Other founders include Standard Chartered and Temasek.
The bulk of world’s foreign exchange (FX) transactions are settled centrally through CLSSettlement, which processed $6.6 trillion in FX Payment instructions daily during 2023, reaching a peak of $16.3 trillion on one day in December. However, it only covers 18 currencies. It has a DLT netting solution for other currencies, CLSNet, but that does not support PvP settlement.
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