Partior Wins G20 TechSprint Interoperability Challenge, Set to Become Global Ledger for Financial Institutions Worldwide
- G20 announced Partior as winner for Global RTGS Connectivity and CBDC Interoperability Solution
- Partior’s multilateral clearing and settlement platform will be commercially available by January next year
- 2023 product roadmap unveiled, with strategic focus on next-generation solutions that enable financial innovations on Partior’s network
Singapore, 2 November 2022 — Global blockchain-based financial market infrastructure, Partior, today announced new milestones in its ambition to provide Financial Institutions (FIs) around the world with a global shared ledger for settlement of multi-currency payments, FX trades, securities, and digital assets.
Enabling an interoperable and open global network for CBDCs Anchoring
Partior’s rapid growth is its recent global win at this year’s G20 TechSprint 2022 challenge on CBDCs. Organised by the BIS Innovation Hub and co-hosted annually with the G20 Presidencies, the G20 TechSprint challenge, which focused on use cases for CBDCs this year, drew close to 100 participants from over 15 countries.
Partior’s winning solution addresses the obstacles in CBDC adoption by providing interoperability between domestic CBDC networks and connectivity with existing clearing and settlement infrastructure:
- Multi-functional, the solution not only provides a global open network to connect different countries’ Real Time Gross Settlement (RTGS) with each other but enables interoperability with account and token-based CBDC networks;
- Powered by blockchain, smart contracts are leveraged to enable seamless, instant payment versus payment (PvP) and delivery versus payment (DvP) transfers;
- The solution’s federated architecture provides central banks operational governance and control over discrete, CBDC networks, while establishing a common protocol for inter-network connectivity.
Redefining global value movement with risk-free settlement
With the commercial availability of its 24/7 clearing and settlement platform set for January 2023, Partior will bring the myriad benefits of blockchain technology to financial market infrastructure. This enables transaction settlement in real-time, with concurrent messaging and value movement, enhanced transparency, traceability and reduced end-to-end transaction costs. Its platform will also enable cross-border and domestic transactions to be atomically settled in real time, eliminating settlement risks for participating banks and allowing them to pre-validate transactions on the network in parallel, significantly reducing the occurrence of payment returns and delays.
Next generation solutions for evolving market demands
To meet emerging demands from FIs globally, Partior has unveiled its 2023 product roadmap which is guided by a clear focus on its ability to execute across five key areas: liquidity, FX, Programmable Enterprise solutions, payments, and foundation. Some of the key initiatives:
- Liquidity: Partior’s Liquidity Management solutions will reduce pre-funding requirements and liquidity costs, which enables banks and liquidity providers to offer transformative liquidity solutions.
- FX: Partior’s FX PvP solution will enable 24x7 real-time and atomic settlements on a global shared ledger to eliminate settlement risk for a wide spectrum of currencies and FX trades, including same-day trades.
- Programmable Enterprise Solutions: By leveraging the programmable nature of smart contracts, Partior will facilitate the development of next-generation enterprise solutions such as enterprise liquidity management, supply chain, escrows etc.
- Payments: Enable banks to pull payments across borders, which optimises working capital for banks’ enterprise customers.
- Foundation: Enabling multiple settlement banks to interconnect for global value movement.
“Partior’s inception was a little over a year ago and during this time we have focused on building scalable and resilient solutions. The G20 TechSprint Challenge is a testament to the team, their efforts in design and execution. We feel extremely privileged to receive such recognition at this stage of our development. We are now in a position to commercialise the platform and greatly expand our partner and capability roadmap. This also includes the inclusion of M0, CBDC, on our network when central banks are ready for such a service. The ambitious product roadmap for the coming year demonstrates our commitment to becoming the global shared ledger for FIs worldwide,” said Partior Chief Executive Officer, Jason Thompson. “We are grateful to have the immense support and commitment of our investors, customers and partners, and we will continue to innovate at scale, so that Partior remains ahead of the curve.”