According to Foresight News, the interbank payment network Partior has completed a proof of concept for foreign exchange payment-versus-payment (PvP) settlement using its blockchain network. Participants include its two co-founders, JPMorgan Chase and DBS Bank, as well as Japan's third-largest bank, Mizuho Bank. The importance of PvP is that two currencies can be exchanged at the same time, eliminating settlement risk. The solution also supports 24×7 real-time atomic settlement. If the two parties do not want to settle immediately, it supports same-day value transactions. Partior plans to launch the solution later this year.
Foresight News previously reported that Partior is an interbank payment network launched in Singapore by JPMorgan Chase, DBS Bank, Temasek and Standard Chartered Bank. It is designed as a multi-bank, multi-currency wholesale system. Each bank controls its own node, allowing customers to use blockchain assets to conduct value transactions between these banks.
