Partior brings a tangible outcome to Singapore’s Project Ubin
A new blockchain-based payments platform is backed by JPMorgan, DBS and Temasek. It is the source of some pride to the Monetary Authority of Singapore, as the new business is the result of a long-term financial experiment.
Partior, the long-discussed blockchain platform for payments clearing and settlement that grew from Singapore’s Project Ubin collaboration, has gone live.
Founded by DBS, JPMorgan and Temasek, with the backing of the Monetary Authority of Singapore, Partior says it is achieving end-to-end settlements in Singapore dollars and US dollars of less than 120 seconds. It uses what it calls an "atomic model" to replace the sequential operational approach to payments settlement, and in doing so, says it can provide a better alternative for wholesale settlements by banks, which take an average of two days to complete.
This atomic clearing and settlement is set to revolutionize the way we think around the $156 trillion that moves around the world annually
By reducing the intermediaries involved in payments processing, Partior also hopes to reduce costs, as there will be fewer parties deducting fees from a payment.
Jason Thompson, Partior’s chief executive, says the platform’s speed and achievement is “an exponential leap forward in technology and, more importantly, in the way that money deals globally.
“This atomic clearing and settlement is set to revolutionize the way we think around the $156 trillion that moves around the world annually.”