JPMorgan, DBS, And Temasek Form New Blockchain Firm to Improve Cross-Border Payments
by Steve Murphy, PaymentsJournal
April 28, 2021
As we have been advising now for quite some time, the cross-border payments space, especially with regard to B2B scenarios, has been and will continue to be a hotbed of change, spurred on by digital tech and ongoing demand for easier and less expensive methods of value exchange.
This referenced piece is posted at The Block and provides an overview of a new blockchain venture being launched by JPMorgan, DBS, and Temasek, the Singapore-based PE firm. The company will be called Partior and is another on the growing list of blockchain-based initiatives to improve cross-border payments between businesses.
‘Dubbed Partior, the company aims to resolve pain points or frictions of payments, trade, and foreign exchange settlement through blockchain technology….Partior would develop a “blockchain-based wholesale payments infrastructure where information and value can change hands around the world in a 24/7, frictionless way,” said JPMorgan’s global head of wholesale payments Takis Georgakopoulos….When complete, the infrastructure will enable financial institutions and developers to jointly create applications that support use cases such as forex payment versus payment, delivery versus payment, and peer-to-peer escrows.’
There are no details in the posting and we have not been briefed, so we are not sure what is different about this payments venture versus a Ripple or Ethereum...