Standard Chartered, the international cross-border bank, has become the first Euro settlement bank to go live on Partior, the global unified ledger market infrastructure, and has completed Euro-denominated cross-border transactions between Hong Kong and Singapore.
The news comes less than two years after Standard Chartered’s investment in Partior in November 2022, which made the bank a founding shareholder in the platform. At the time, the bank explained that it hoped the investment would help deliver “speed, efficiency and visibility of domestic settlement systems to cross-border transactions”.
Client transactions with Siemens AG and iFAST Financial occurred from 13 to 14 May, and represent a significant milestone for Standard Chartered with the integration and operationalisation of distributed ledger technology (DLT)-based transaction workflows with the bank’s core banking systems in a real-world commercial setting, while making the process transparent to customers’ business-as-usual workflow.
Heiko Nix, global head of cash management and payments at Siemens AG, said: “Siemens AG’s collaboration with Standard Chartered marks a pivotal advancement in the realm of cross-border transactions. Leveraging the groundbreaking Partior platform, we’re not just streamlining cross-bank payments but also covering our geographical footprint for such transactions.
“This partnership underscores our commitment to harnessing innovative blockchain solutions, ensuring Siemens AG remains at the forefront of global financial efficiency and connectivity.
“The bank’s integration of Euro-denominated settlements between Hong Kong and Singapore, via Partior, is not just a testament to its technological advancement but a beacon for the future of seamless, secure, and efficient global payment systems.”
Leveraging blockchain to enhance cross-border settlement
As corporate treasurers and financial institutions demand the implementation of the latest technologies in their treasury operations to achieve optimal efficiencies in their cross-border settlements, it is increasingly important for bank providers to embrace innovation and partnerships that can deliver value-added solutions to their corporate and financial institution clients.
Humphrey Valenbreder, CEO of Partior, explained: “As the first Euro settlement bank on Partior, Standard Chartered is driving innovation through the use of blockchain technology to meet evolving client needs.
“The onboarding of Standard Chartered expands Partior’s network coverage to include the Euro, in addition to US Dollars and Singapore Dollars, and enhances connectivity for end clients serviced across major financial centres including Singapore, Hong Kong, Frankfurt, London and New York.”
Standard Chartered explained that it is committed to building a more transparent and secure infrastructure for global value movement by integrating blockchain innovation directly into its payment systems.
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