JPMorgan Chase, the largest U.S. bank, has launched the pilot program for blockchain-based cross-border payments network Partior. The company had partnered with Singapore’s major bank DBS and government investment company Temasek for the initiative.
The companies have started the trial operation for Partior with aims to expand its range within the next 3 to 5 years.
JP Morgan, DBS, and Temasek held a joint online press conference in Singapore on October 26 and announced the launch of a test operation of Partior.
With its latest product, the three companies have targeted the $160 trillion global cross-border payments market, which is well above the world’s total GDP of about $85 trillion.
Global cross-border payments are projected to reach $250 trillion by the year 2027, as per estimates by the Bank of England.
Partior has been developed as a next-generation platform that can make full use of blockchain to instantly carry out cross-border payments and trade finance transactions between banks 24 hours a day, 365 days a year, significantly reducing payment costs.
Currently, Patriot supports payments focused on Singapore Dollar and U.S. Dollar currencies. However, in the future, the platform plans to support a variety of currencies including CBDCs, and serve as an open network in which all financial institutions can participate.