Blockchain technology offers proven effective solutions across cryptocurrencies and many other uses.

Recently announce Two of the world’s largest banks, JPMorgan and DBS, along with Singaporean government investor Temasek, announced the formation of a new blockchain platform aimed at improving cross-border payments.

The platform, dubbed “Partior,” aims to solve weaknesses or difficulties in financial payments, trade and forex settlement through blockchain technology.

Taqis Georgakopoulos, Global Head of Wholesale Payments at JPMorgan said:

Partior will develop a blockchain-based wholesale payments infrastructure where information and value can change around the world 24/7.

When complete, the infrastructure will enable financial institutions and developers to build common applications that support use cases such as peer-to-peer foreign exchange payment, delivery, and escrow accounts.

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The Partior platform will initially focus on facilitating payments between Singapore-based banks in Singapore dollars and US dollars.

Then it plans to expand the offers to other markets and in different currencies.

The three companies involved in creating the platform told that CBDC use cases will also be supported in the future.

It is worth noting that JPMorgan, DBS and Temasek previously worked together on Project Ubin, an initiative of the Central Bank of Singapore that explored the application of blockchain technology in multi-currency payments and settlements.

Now by operating the Partior platform, which is subject to regulatory approvals, the three companies aim to more easily transform interbank value movements by creating a new digital age.

Subindo Mohanty, chief financial technology officer at the Monetary Authority of Singapore, told:

The launch of Partior is a global watershed moment for cryptocurrencies, and represents a transition from experimentation towards direct marketing and adoption.

Partior is a pioneering step towards providing a global infrastructure essential to transacting cryptocurrencies in a trusted environment, stimulating a wide range of use cases in the blockchain ecosystem.

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