Standard Chartered Integrates Blockchain Into Payments With Partior

Standard Chartered has become the first Euro settlement bank to begin operation on Partior, a global integrated ledger market platform. The company has added blockchain technology directly into its payment systems.

The bank has completed a cross-border transaction in Euros on the Parior network. It has enabled payments between Singapore and Hong Kong for transactions involving iFAST Financial Pte Ltd and Siemens AG. This came after the financial company invested in the platform in late 2022.

Standard Chartered Aims For A Secure And Transparent Banking Infrastructure

The company is dedicated to building a more secure, efficient, and transparent infrastructure for global price movement into the Bank’s payment system.

Corporate treasurers are planning to use the newest technologies during their treasury operations to gain optimal efficiency when fulfilling cross-border operations. Consequently, it is important that bank providers adopt innovation. They must also bring in innovative partners that can provide solutions that add value to their financial institution and corporate clients.

The client transaction with iFAST Financial Pte Limited and Siemens AG occurred from 13 to 14 May. This signifies a major step forward for Standard Chartered. The bank has successfully combined and put into operation its main banking systems with distributed ledger technology-supported transaction workflows.

The integration occured successfully in a real-world business environment. This made sure that customers could see clearly how things normally work.

Standard Chartereds’ Global Head of Cash Management, Mahesh Kini, made some comments on the positive outcome of client transactions. He noted that corporate treasury function and financial ecosystem are rapidly evolving.

Corporate And Banking Clients Require Help From Banking Partners To Increase Workflow

Corporate and banking clients increasingly need assistance from their banking partners in providing visibility, control, and better access to their working capital. Furthermore, they want 24/7 availability, fast payment flows, and liquidity.

Mahesh also revealed that Standard Chartered’s partnership with Siemens AG showcases a major growth in the world of cross-border transactions. By utilizing the pioneering Partior platform, the bank is not just focused on simplifying cross-border payments but is devoted in expanding the transactions to all of its geographical footprint.

The collaboration shows that the bank is committed to provide solutions related to innovative blockchain. This will ensure that Siemens AG stays at the top of global connectivity and financial efficiency.

Heiko Nix, Siemens AG’s Global Head of Cash Management and Payments, praised the bank’s Incorporation of Euro-based settlements between Singapore and Hong Kong through Patior. He emphasized that it is a proof of the bank’s technological progress. It is also a guiding light for the future of secure, efficient, and streamlined global payment systems.