JPMorgan Partners With Singapore’s DBS to Launch Blockchain-Based Payment Platform

OYB9AHNz

Wall Street has become more accepting of cryptocurrencies and the blockchain in recent months. One of America’s biggest bank, JPMorgan has joined hands with Singapore’s Tamasek Holdings and DBS Group in a move to overhaul the blockchain-based foreign exchange and trade settlement for cross-border payments. JPMorgan has announced the launch of a new company Partior while leveraging blockchain technology and digitizing the M1 commercial bank money. In a statement earlier today April 28, the bank said that the new partnership aims to reduce friction and latency for cross-border payments, trade and currency settlements. Instantaneous Payment Settlements For Transactions The partnership is geared at helping to improve the transaction bandwidth and will help overcome challenges relating to the existing sequential method of processing global payments. Bloomberg reported that Partior’s multi-currency clearing and settlement solution will facilitate 24/7 instant settlement. Sopnendu Mohanty, chief fintech officer at the Monetary Authority of Singapore, said:…

Read the original article here

IF YOU LIKED THIS ARTICLE CLICK SHARE