StanChart Claims Euro First on Partior Network

Standard Chartered says it has successfully completed euro-denominated cross-border transactions between Hong Kong and Singapore, making it the first euro settlement bank to go live on Partior, a unified ledger market infrastructure.

The client transactions with Siemens  and iFast Financial Pte took place from 13 to 14 May, the bank says, adding it represents “a significant milestone” 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.

It adds that 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.

“With the financial landscape and corporate treasury function undergoing rapid transformation, corporate and financial institution clients increasingly require their banking partners to support them in achieving better access, visibility, and control of their working capital, and provide ‘always-on’ availability, liquidity and speed of payment flows,” says Mahesh Kini, global head of cash management at Standard Chartered. “This is the key driver behind our relentless focus on building core capabilities that allow us to enable and facilitate emerging payment rails. We understand the real transformation that blockchain-enabled solutions can deliver to the industry and broader ecosystem, and our collaboration with Partior to be the first euro settlement bank to launch on the network brings us closer to our goal of providing real time, 24/7 flows at scale for corporates and financial institutions, while meeting their treasury needs in a safe and efficient manner.”

Heiko Nix, global head of cash management and payments at Siemens AG, adds, “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.”

Standard Chartered invested in Partior in late 2022, and the latter was involved in two CBDC projects led by the Monetary Authority of Singapore, Projects Dunbar and Guardian. Humphrey Valenbreder, CEO of Partior, says, “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 and Singapore dollars, and enhances connectivity for end clients serviced across major financial centres including Singapore, Hong Kong, Frankfurt, London and New York.”