In November 2022 Standard Chartered invested in Partior, the blockchain-based interbank payment network founded by DBS Bank, JP Morgan and Temasek. Today Standard Chartered announced it is the first settlement bank on the tokenized deposit network to support Euro transfers, with Siemens and iFast Financial participating in transactions earlier this week.
On Monday we reported that all three founding banks are now in production. Several other currencies are planned but the network currently supports US Dollars, Singapore Dollars and Euros. Standard Chartered confirmed it has integrated Partior with its core banking system. The network uses DLT to speed up cross border payments and also provides added transparency for customers.
While Partior doesn’t disrupt the correspondent banking system, it addresses some of Swift’s pain points. Firstly, the banks perform compliance in advance, preventing delays for AML queries. Many conventional payments are held up by the operating hours of the recipient banks or delays in the recipient bank updating the balance in customer accounts. Partior avoids the split between the message and money movement and enables 24/7 interbank transfers. That’s particularly important for corporates.
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