JPMorgan, DBS, and Temasek to Build Cross-Border Payment Platform
The American company JPMorgan, in cooperation with one of the largest Singapore banks DBS, as well as the Temasek investment group, announced the creation of a new platform for interbank payments on the blockchain.
The firm was named Partior, and its main task will be to digitise the funds of commercial banks. They will be able to create “programmable money” for cross-border financial transactions and settlement in foreign currencies. At the same time, the platform guarantees instant transactions in 24/7 mode with minimal risk of delay.
Initially, the focus of companies was on facilitating cash flows on financial transactions in the USD SGD pair, which were carried out by banks in Singapore. However, according to the creators of the platform, soon all commercial banks that make multicurrency payments and settlements on securities on DVP terms will be able to take advantage of it. It has also planned to introduce an additional set of services, the list of which will be announced a little later.
Companies position Partior as an addition to the future CBDCs of various countries of the world and are interested in involving as many banks as possible in the system. The faster the network grows, the greater the incentive will be to co-create platform solutions that facilitate cross-border payments.
We were interested in the distribution of Partior's ownership interest. But so far only the name of the enterprise appears in the corporate register. In addition, now the partners do not want to disclose the terms of joint management of the platform.