Standard Chartered Backs Blockchain Firm Portion
Financial services company Standard Chartered (SC) will invest in Partior, a blockchain-based clearing/settlement platform from Singapore.
“Standard Chartered brings to the network its global payments expertise and clearer footprint, significantly strengthening Partior’s international reach and capacity,” the company said in a press release on Thursday (November 3).
The agreement makes SC one of Partior’s founding partners and the first European settlement bank for the Partior platform, and allows it to expand its currency offerings by next year, according to the release. It also allows SC to accelerate the deployment of its blockchain technology across its global payment and settlement network.
“Our investment in Portior will allow us to deliver the speed, efficiency and visibility of domestic settlement systems to cross-border transactions, simplifying and enhancing the experience for our customers,” SC Global Head of Cash and Transaction Banking Philip Panaino said in the release.
“As we navigate the increasingly connected payments universe, we recognize that a concerted effort is necessary,” he added.
In September, Standard Chartered completed what it called an industry-first test of the trade finance validation service from MonetaGo via the SWIFT payment system.
Read more: Standard Chartered Tests Duplicate Finance Detection Tool
The company said at the time that it was conducting this pilot to “reduce the risk of duplicate trade finance fraud on a global scale.”
The Trade Finance Validation Service is the “first native global solution that is interoperable between markets” and provides checks on financing transactions to identify and prevent duplicate financing fraud, SC said in September.
“Third party finance providers register selected document information by sending the information via [application programming interface [API])”, SC said in a press release at the time. “MonetaGo’s secure funding system hashes the data to create document fingerprints that can be compared to already registered document fingerprints to detect duplicates.”
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