OSTTRA announced that Partior has joined its FX payment versus payment (PvP) settlement system, creating a bridge between two distributed ledger technology (DLT) settlement platforms.
Last year OSTTRA partnered with Baton Systems to launch the FX PvP system, which already had traction with HSBC and Wells Fargo. Between OSTTRA and Baton the solution has supported $13 trillion in transactions. Partior tokenizes commercial bank money and counts DBS, Deutsche Bank, Emirates NBD, JP Morgan and Standard Chartered among its settlement bank partners, currently supporting USD, EUR and SGD.
While CLS handles the majority of wholesale foreign exchange transactions, around $2.2 trillion daily settles outside the system, much of it exposed to settlement risk. PvP addresses this by exchanging currency legs simultaneously. OSTTRA’s workflows support matching, netting and settlement automation, enabling programmable PvP.
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