SINGAPORE - Cross-border payments, which typically take three to five days to clear, can now be processed within a few minutes using a new service being tried in a pilot program.
Partior, a blockchain technology provider for payments clearing and settlement, was formed by Temasek and DBS and JP Morgan banks to test the initiative.
It managed to achieve end-to-end settlements in Singdollar and US dollar in under two minutes, all thanks to blockchain technology, which allows a network to move and validate information simultaneously.
Partior was conceived during Project Ubin, a collaborative project between the Monetary Authority of Singapore (MAS) and the financial industry to explore the use of blockchain and distributed ledger technology for clearing and settlement services.
Partior chief executive Jason Thompson told The Straits Times that the instantaneous exchange of information is akin to "a data handshake", which is very different from what is happening elsewhere.
Continue reading: https://www.straitstimes.com/business/banking/no-more-waiting-days-for-global-transactions-to-clear-thanks-to-blockchain
Partior, a blockchain technology provider for payments clearing and settlement, was formed by Temasek and DBS and JP Morgan banks to test the initiative.
It managed to achieve end-to-end settlements in Singdollar and US dollar in under two minutes, all thanks to blockchain technology, which allows a network to move and validate information simultaneously.
Partior was conceived during Project Ubin, a collaborative project between the Monetary Authority of Singapore (MAS) and the financial industry to explore the use of blockchain and distributed ledger technology for clearing and settlement services.
Partior chief executive Jason Thompson told The Straits Times that the instantaneous exchange of information is akin to "a data handshake", which is very different from what is happening elsewhere.
Continue reading: https://www.straitstimes.com/business/banking/no-more-waiting-days-for-global-transactions-to-clear-thanks-to-blockchain
