JPMorgan and DBS, one of the biggest names in the banking industry globally, together with Singaporean state investor Temasek have set up a new blockchain company to improve cross-border payments. Aiming to find solutions to trade and foreign exchange issues from the payment tools of blockchain technology, Partior has announced to the public by Takis Georgakopoulos, JPMorgan's head of global wholesale payments, that it will develop a blockchain-based wholesale payment infrastructure where information and value can seamlessly change hands 24/7. .
Once the infrastructure is ready, it will allow financial institutions and developers to create applications that support use cases such as peer-to-peer escrow. Partior will initially facilitate payments from Singapore-based banks. Their offers will then be directed to other markets and on various currencies.
JPMorgan, DBS and Temasek previously worked on Project Ubin. With the infrastructure to be provided, it is aimed to transform the value movements between banks in a new digital age.