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JPMorgan and Standard Charters Back Blockchain Company Rails Partior
Divider raised $60 million in a Series B funding round to add new features and more currencies to its global interbank systems based on unified ledgers for real-time clearing and settlement.
The company’s infrastructure is used by major banks in financial markets including London, New York, Singapore, Frankfurt and Hong Kong, Partior said in a statement on Friday (July 12). Press release.
“Partior is breaking down silos and rewriting the rules for cross-border clearing and settlement,” Humphrey ValenbrederPartior CEO, said in the release. “We see a very bright future for frictionless cross-border transactions based on blockchain.”
According to the release, Partior’s unified global ledger enables banks, payment service providers and other global financial market participants to join its network and access real-time, cross-border, multi-currency clearing and settlement services.
According to the release, its blockchain network interacts with real-time local currency payment systems and real-time gross settlement (RTGS) systems globally, facilitating both direct and indirect settlement flows with market participants.
According to the release, the shared ledger also enables transfers with final settlement in real time, offering immediate liquidity and transparency.
According to the release, these features are designed to improve cash management for businesses and financial institutions that operate 24/7 globally and are struggling to utilize traditional cross-border payments.
According to the release, they also help these institutions avoid higher operating costs, delays and failures in foreign exchange (FX) settlements that rely on outdated infrastructure and manual processes.
According to the release, with the new financing, Partior plans to add new features such as intraday FX swaps, cross-currency repos, programmable corporate liquidity management and just-in-time multi-bank payments.
According to the release, the company also aims to expand its international network and integrate other currencies in addition to the currently active US dollar, euro and Singapore dollar.
Italian:Shailendra SinghCEO at Peak XV Partnerswhich led the funding round, said of Partior in the release: “This is a unique approach where multiple banks have come together to catalyze change in this industry.”
Financial services company Standard Certificate Authority became a founding partner of Partior and the first European settlement bank for the Partior platform in November 2022, saying it aimed to simplify cross-border transactions for its customers.
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