Standard Chartered achieves Euro settlement milestone on Partior

The new Standard Chartered logo.
Image courtesy of Alois Oscar/ Shutterstock.com

Standard Chartered has become the first Euro settlement bank to go live on Partior after completing Euro-denominated cross-border transactions on the network.

The bank announced the successful completion of cross-border transactions between Hong Kong and Singapore on global unified ledger market infrastructure Partior. This development follows on from the bank’s investment in the platform in November 2022.

Taking place from 13-14 May, the bank has stated that the client transactions with Siemens AG and iFAST Financial Pte Ltd. represent a “significant milestone”, at a time of “rapid transformation” in the financial landscape. 

This achievement aligns with Partior’s vision of building a more transparent, efficient and secure infrastructure for global value movement, which it aims to do by integrating blockchain innovation directly into the bank’s payment systems.

Humphrey Valenbreder, CEO at Partior, commented.“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 Dollars and Singapore Dollars, and enhances connectivity for end clients serviced across major financial centres including Singapore, Hong Kong, Frankfurt, London and New York.”

This year, Standard Chartered has demonstrated a focus on cross-border payments. In April, the UK bank joined the Visa B2B Connect payment network to boost its account-to-account (A2A) cross-border payment capabilities.

Mahesh Kini, Global Head of Cash Management at Standard Chartered, said: “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. 

“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.”