# Partior: DLT clearing from DBS, J.P. Morgan and Temasek > Partior is a live DLT clearing network for USD/EUR/SGD from DBS, J.P. Morgan and Temasek: how banks replace nostro chains in corporate payments. Author: Gordey Bolotko — Partner, Corporate & Commercial (https://wiki.private.law/en/authors/bolotko) Last modified: 2026-08-14T13:14:00.000Z Canonical: https://wiki.private.law/en/partior Topics: banking Jurisdictions: singapore Functional tags: bank Product tags: banking Semantic tags: bank, banking --- For context, read this profile alongside the [Singapore hub](https://wiki.private.law/en/singapore-hub) and the [financial-licensing map](https://wiki.private.law/en/fintech-license-map). It is a case study in DLT-based cross-border clearing, not a product recommendation. Primary source: [Partior](https://www.partior.com/). A classic cross-border payment crawls along a chain of correspondent accounts, shedding hours and fees at every link. Singapore-based Partior has built banks an alternative route: a shared ledger where dollars, euros and Singapore dollars move atomically and around the clock — with no correspondent chains and no after-the-fact reconciliation. Settlement between participants takes under two minutes instead of the customary one to two days. As of August 2026 this is working infrastructure, with settlement banks of the calibre of DBS, J.P. Morgan, Standard Chartered, Deutsche Bank and Emirates NBD, and corporate payments from the likes of Siemens already riding on top of it. For structures with Asian and Middle Eastern routes, the network is increasingly part of the path — invisibly to the sender. ## Background Partior grew out of Project Ubin — the Monetary Authority of Singapore's five-phase experiment with DLT settlement \(2016–2020\). In the final phase, MAS together with J.P. Morgan and Temasek assembled a prototype multi-currency payments network and tested it with over 40 companies, and the [final report of July 2020](https://www.mas.gov.sg/news/media-releases/2020/project-ubin-fifth-and-final-phase-highlights-commercial-potential-paving-way-towards-live-adoption) stated outright that the model was commercially viable. In April 2021, DBS, J.P. Morgan and Temasek spun the work out into a separate company. By October 2021 the network had run its first live settlements in USD and SGD between the founders — end-to-end in under 120 seconds; in parallel, Bahrain's Bank ABC was running pilot payments with J.P. Morgan between Bahrain and Singapore. In 2022 Standard Chartered came in as a strategic investor, and the same year the project took the G20 TechSprint prize. The commercial phase began in 2023: general availability with USD, EUR and SGD flows; on the J.P. Morgan side the network connects to the Kinexys blockchain unit \(called Onyx until November 2024\). In May 2024 a new CEO was announced — Humphrey Valenbreder, who came from the Dutch neobank bunq and before that ABN Amro and RBS; the previous CEO, Jason Thompson, left the company in January 2024. On capital: a Series B of over $60m closed in July 2024, led by Peak XV Partners with participation from Valor Capital, Jump Trading and existing shareholders. In November 2024 [Deutsche Bank added ≈$20m](https://partior.com/news-and-insights/partior-welcomes-deutsche-bank-as-strategic-investor) as a strategic investor, closing the round at $80m. ## Products and pricing The line-up as of August 2026 consists of two blocks. Partior Payments — round-the-clock cross-border payments in commercial bank money with pre-validation of both sides and just-in-time funding: the bank funds its position at the moment of settlement rather than holding pre-funded nostro balances. Partior FX Settlement — atomic PvP for currency pairs: both legs execute simultaneously and indivisibly, with no settlement cut-offs. The live currencies are USD, EUR and SGD, and the corridor map grows in a series of firsts. Standard Chartered ran the network's first EUR transactions on 15 May 2024 on the Hong Kong–Singapore corridor with the corporate clients Siemens AG and iFAST. Deutsche Bank ran its own first EUR transaction on 25 September 2025 paired with DBS, joining the network as a euro settlement bank. Emirates NBD, from 14 July 2026, has moved USD blockchain payments into production — the first bank in the MENAT region; at launch the service covers corporate client transfers to beneficiary accounts at J.P. Morgan. Pilots are under way with Korea's NH NongHyup. A layer of connective tissue is being built around the core. Since June 2025 Partior has been connected to the FX PvP network of OSTTRA and Baton Systems — a bridge between two DLT platforms that captures part of the ≈$2.2trn of daily FX settlement taking place outside CLS. In September 2025, Partior, Finteum and Adhara demonstrated a PoC for intraday FX swaps with round-the-clock PvP — an intraday liquidity instrument for bank treasuries. Earlier still, in November 2024, Nium became the first non-bank participant, as the network began admitting fintech payment platforms. Pricing is not public \(as of August 2026\): Partior is a closed interbank network, monetised through transaction fees charged to participating banks, which in turn package the cost into their own client tariffs for payments and FX. There is no published price grid for banks, still less for end corporate clients — each participant works out the economics through reduced nostro liquidity and lower operational spend on payment investigations. ## Competitive landscape The closest neighbour is J.P. Morgan's own Kinexys Digital Payments, formerly JPM Coin: blockchain accounts for the clients of a single bank, where money movement stays inside J.P. Morgan's balance sheet. Partior solves the next problem up in difficulty — settlement between different banks on a shared ledger. Tellingly, for interbank interoperability of tokenised deposits Kinexys and DBS announced a separate framework project in November 2025 — the market is still choosing a standard. London's Fnality plays the same interbank DLT settlement field but in central bank money: its settlement asset is a claim on the Bank of England through an omnibus account. Partior settles in tokenised commercial bank obligations — cheaper and faster to launch, but with participant credit risk baked in. Swift answered this wave systemically: in September 2025 the cooperative announced its own blockchain-based shared ledger with a prototype on the Consensys stack and a working group of over 30 banks. Swift's trump card is a network of ≈11,000 institutions and the inertia of standards; Partior's is atomic settlement with finality that is already live, something Swift has yet to grow into. Visa B2B Connect has been carrying corporate cross-border payments outside card rails and correspondent accounts since 2019, but there settlement closes through Visa as operator, whereas Partior leaves settlement to the banks themselves on a shared ledger. ## What it means for the client If a structure's corporate payments run through DBS, J.P. Morgan, Standard Chartered, Deutsche Bank or Emirates NBD, some routes may already be travelling over Partior: faster and with fewer intermediaries than the classic correspondent chain. The sender usually sees only the outcome — a changed crediting speed and payments that work outside banking hours; that is how Siemens' euros went from Hong Kong to Singapore in minutes through an ordinary banking channel. There is no direct onboarding for corporates; access runs through a participating bank, and switching a route on is a matter of that particular bank's product shelf, sometimes on separate service terms. Three questions are worth putting to a bank when reviewing its shelf: which currency corridors it has already moved onto Partior, what that changes in cut-offs and crediting times for payments into Asia and the Gulf, and whether it charges a premium over standard pricing for the fast route. ## Under the hood Technically, Partior is a permissioned ledger built on ConsenSys Quorum, an Ethereum-compatible stack that historically came out of J.P. Morgan's labs. The nodes are held by participating banks, and the ledger entries are tokenised deposits — that is, obligations of a specific bank to a specific client. Atomicity is provided by smart contracts: the payment and the offsetting movement execute in a single indivisible step or roll back entirely, and end-to-end settlement fits inside two minutes. The key architectural decision: Partior operates as an FMI in commercial bank money and does without a banking licence of its own — compliance, sanctions screening and client admission all sit with the participating banks. The entry economics follow from this: disclosed venture capital amounts to an $80m Series B on top of the founding contributions from DBS, J.P. Morgan and Temasek — markedly lighter than the hundreds of millions that models with central bank settlement require. A builder should also copy the status mechanics: the anchor shareholders act simultaneously as settlement banks, liquidity providers and distribution channel. The next floor up is asset settlement. On 30 July 2026, Partior and OpenAssets completed a proof of concept for atomic DvP in which the settlement asset was a tokenised deposit — a bid to move securities settlement onto the same infrastructure. ## Regulation and status The timeline: 2016–2020 — Project Ubin under the aegis of MAS; April 2021 — incorporation by DBS, J.P. Morgan and Temasek; October 2021 — first live USD/SGD settlements; 2022 — Standard Chartered joins and the G20 TechSprint prize; 2023 — general availability and SOC 2 Type 1; May 2024 — first EUR transactions via Standard Chartered; July–November 2024 — the $80m Series B and Nium as the first fintech; June 2025 — integration with OSTTRA/Baton; 25.09.2025 — Deutsche Bank's first EUR transaction; 14.07.2026 — Emirates NBD live; 30.07.2026 — the DvP PoC with tokenised deposits. The status is unchanged: a private FMI without a banking licence, operating through regulated participating banks; the network does not appear on the MAS list of designated payment systems \(as of August 2026\), so oversight is indirect — through the prudential regimes of the banks themselves. Its MAS pedigree and heavyweight shareholders give the network political capital, yet the formal supervisory framework for private interbank DLT networks continues to take shape jurisdiction by jurisdiction. > ⚠️ **Risks.** Counterparty: settlement in commercial bank money carries the credit risk of the participating banks — a ledger entry is exactly as reliable as the bank that issued the obligation. Regulatory: the network has no licence of its own, the supervisory regime for private FMIs of this type is still taking shape, and Swift's entry with its own shared ledger could pull standardisation its way. Concentration: five settlement banks are a bottleneck, the departure of any one narrows currency coverage, and the Emirates NBD corridor is for now closed on J.P. Morgan beneficiaries. Sanctions screening is performed by the participating banks, so payments from Russian-speaking structures pass through their usual filters. > 🍓 Partior is a working DLT replacement for correspondent chains: atomic USD/EUR/SGD settlement 24/7 between DBS, J.P. Morgan, Standard Chartered, Deutsche Bank and Emirates NBD, with settlement in under two minutes. The $80m round \(Peak XV, then Deutsche Bank\), the bridges into OSTTRA/Baton and Nium, and the tokenised DvP PoC of July 2026 show a trajectory from payments towards asset settlement. For the client: ask your bank which corridors already run through the network. For the builder: a consortium FMI in commercial bank money costs an order of magnitude less than central bank models — at the price of participant credit risk. ## FAQ ### How do you get access to Partior? Access exists only through network participants: the banks DBS, J.P. Morgan, Standard Chartered, Deutsche Bank and Emirates NBD, or fintech partners such as Nium. A corporate client uses the network automatically when its bank routes a payment through Partior; there is no separate onboarding into the network itself for companies. ### How does Partior differ from JPM Coin / Kinexys? Kinexys Digital Payments \(formerly JPM Coin\) is a single-bank system: money moves between client accounts inside J.P. Morgan's balance sheet. Partior is a shared ledger of many banks, where obligations from different balance sheets settle atomically. J.P. Morgan plays in both layers: Kinexys as the in-house platform, Partior as the interbank network. ### How does Partior differ from Fnality? Both networks do interbank DLT settlement; the difference lies in the nature of the money. Fnality uses claims on the central bank through an omnibus account at the Bank of England, Partior uses tokenised commercial bank obligations. Hence a different risk profile, a different cost of entry and a different pace of scaling. ### What does atomic settlement mean? Both legs of the trade execute simultaneously and indivisibly: either the currencies \(or the asset and the money\) move together, or the whole operation rolls back. For multi-currency payments and FX PvP this closes off the risk of partial execution — the main settlement risk outside CLS. ### How much does a payment through Partior cost? There are no public tariffs \(as of August 2026\): the network takes transaction fees from participating banks, and the final price to the client is set by that client's bank tariffs for payments and conversion. The client's gain shows up more often in speed, round-the-clock availability and predictable crediting than in a direct discount on fees. --- ## FAQ ### How do you get access to Partior? Access exists only through network participants: the banks DBS, J.P. Morgan, Standard Chartered, Deutsche Bank and Emirates NBD, or fintech partners such as Nium. A corporate client uses the network automatically when its bank routes a payment through Partior; there is no separate onboarding into the network itself for companies. ### How does Partior differ from JPM Coin / Kinexys? Kinexys Digital Payments (formerly JPM Coin) is a single-bank system: money moves between client accounts inside J.P. Morgan's balance sheet. Partior is a shared ledger of many banks, where obligations from different balance sheets settle atomically. J.P. Morgan plays in both layers: Kinexys as the in-house platform, Partior as the interbank network. ### How does Partior differ from Fnality? Both networks do interbank DLT settlement; the difference lies in the nature of the money. Fnality uses claims on the central bank through an omnibus account at the Bank of England, Partior uses tokenised commercial bank obligations. Hence a different risk profile, a different cost of entry and a different pace of scaling. ### What does atomic settlement mean? Both legs of the trade execute simultaneously and indivisibly: either the currencies (or the asset and the money) move together, or the whole operation rolls back. For multi-currency payments and FX PvP this closes off the risk of partial execution — the main settlement risk outside CLS. ### How much does a payment through Partior cost? There are no public tariffs (as of August 2026): the network takes transaction fees from participating banks, and the final price to the client is set by that client's bank tariffs for payments and conversion. The client's gain shows up more often in speed, round-the-clock availability and predictable crediting than in a direct discount on fees. --- ## Factual claims - As of August 2026 this is working infrastructure, with settlement banks of the calibre of DBS, J.P. - Partior grew out of Project Ubin — the Monetary Authority of Singapore's five-phase experiment with DLT settlement (2016–2020). - In April 2021, DBS, J.P. - In May 2024 a new CEO was announced — Humphrey Valenbreder, who came from the Dutch neobank bunq and before that ABN Amro and RBS; the previous CEO, Jason Thompson, left the company in January 2024. - The line-up as of August 2026 consists of two blocks. - Pricing is not public (as of August 2026): Partior is a closed interbank network, monetised through transaction fees charged to participating banks, which in turn package the cost into their own client tariffs for payments and FX. - Swift answered this wave systemically: in September 2025 the cooperative announced its own blockchain-based shared ledger with a prototype on the Consensys stack and a working group of over 30 banks. - The timeline: 2016–2020 — Project Ubin under the aegis of MAS; April 2021 — incorporation by DBS, J.P.