JPMorgan and DBS to Launch International Blockchain Payment System – Bits Media

American investment bank JPMorgan, Singapore bank DBS and investment firm Temasek prepare a blockchain platform for international payments and interbank transactions.

The new company Partior will operate the platform. Blockchain will be used for digitizing currencies and interstate translations. This will help make international payments almost instantaneous and noticeably cheaper, and also simplify the exchange of currencies.

As a base for the new platform, it is planned to use the results of the last joint work of JPMorgan and Temasek as part of the UBIN project. This is a multi -stage initiative
on the creation of the system
on blockchain for cross -border payments. One of the important features of Partior will be support for the currencies of central banks (CBDC) and using them to make payments. The platform should become a strong foundation of global infrastructure for the exchange of digital currencies.

“Partior launch will be a turning point for using digital currencies around the world, marking the transition from testing and experiments to commercialization and in real use ", -noted the director of the monetary management of Singapore (BUT) On financial technologies, Sopred Mohanti (Sopnend Mohaque).

DBS General Director Piyush Gupta (Piyush Gupta) stressed, that thanks to smart contracts and the Partior blockchain will support “instant cross-border multi-ore payments, Trade financing transactions, exchange of currencies and securities calculations ". The platform will be programmable, and the data in it is monitored and unchanged.

Note, that jpmorgan also works
with Taiwanese banks over payment decision on the Confirm blockchain, which will accelerate transactions and reduce the number of errors.