Deutsche Bank Funds Development of Digital Ledger Technology (DLT) Payment Infrastructure, Partior
Partior Announces Major Partnership with Deutsche Bank and Expansion Plans
Partior, a blockchain fintech company, has announced a significant partnership with Deutsche Bank, marking a major step forward in its mission to revolutionize the global payments industry.
The partnership, which was confirmed during Partior's Series B extension round, saw Deutsche Bank invest $80 million, following an initial Series B closing of $60 million in July, led by Peak XV Partners.
Deutsche Bank, as the largest Euro clearer, will host the largest Euro and USD clearers on Partior's network. The bank also plans to act as a settlement bank for euros and dollars, enhancing Partior's capabilities for cross-border and instant payment services.
Patricia Sullivan, Global Head of Institutional Cash Management at Deutsche Bank, expressed her excitement about being a leader in this revolution, stating, "We are thrilled to be a part of this groundbreaking initiative, and we look forward to driving innovation in the payments industry."
Partior's model is similar to the BIS Project Agora, but it's already live, offering a distributed ledger technology (DLT) payments network that operates 24/7 for real-time payments. The company was co-founded by DBS Bank, JP Morgan, Standard Chartered, and Temasek.
JP Morgan, the largest US dollar settlement bank, made its first transaction on the Partior network about a year ago. Standard Chartered executed its first euro payment on the network this year, and Mizuho took part in recent FX PvP trials, potentially paving the way for Yen settlement on the Partior network.
Emirates NBD could potentially become a settlement bank for the UAE Dirham, Saudi Riyal, and Indian Rupee on the Partior platform, further expanding the network's reach.
Partior's focus on tokenized instruments implies the support of various digital assets, including stablecoins and tokenized cash. The platform aims to support real-time cross-border payments with settlement finality and interoperability, leveraging standards such as ISO 20022 messaging to enhance processing efficiency and enable instant atomic settlement.
In addition to cross-border payments, Partior plans to offer solutions beyond cross-border payments, including FX payment versus payment and intraday FX swaps. SMBC is also planning to join Partior, further expanding the network's capabilities.
Compliance is performed upfront, and DLT directly moves money in Partior's network, ensuring secure and efficient transactions. As Partior continues to grow and expand its partnerships, it is poised to become a key player in the global payments industry.
- Deutsche Bank's $80 million investment in Partior, the blockchain fintech company, is a strategic move to drive insights and innovation in the banking enterprise, particularly in enhancing cross-border and instant payment services.
- With the growth of Partior's network, global financial giants such as JP Morgan, Standard Chartered, Mizuho, Emirates NBD, and SMBC are exploring the integration of blockchain technology to revolutionize their banking and finance operations, accommodating various digital assets and supporting real-time cross-border payments.
- By partnering with Deutsche Bank, capitalizing on the BIS Project Agora model, and leveraging advanced technology, Partior aspires to become a capital city for blockchain-enabled finance, fostering enterprise-level solutions in the payment, FX, and finance sectors.
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