Partior, the Singapore interbank payment system founded last year by JP Morgan, DBS Bank and Temasek, launched its first pilot. The enterprise blockchain platform aims to improve the speed and reduce the costs of cross border payments that are expected to reach $156 trillion in 2022. It will start by focusing on Singapore Dollar and U.S. Dollar currencies.
The open network grew out of the Monetary Authority of Singapore’s Project Ubin, which started as an exploration of central bank digital currency (CBDC).
Partior’s wholesale clearing and settlement system can enable settlement in less than two minutes, improve transparency, and reduce the need for intermediaries, which removes transaction costs.
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