- Partior has joined OSTTRA’s settlement system for foreign exchange transactions.
- The connection creates a link between two distributed ledger technology (DLT) platforms for settling currency trades.
- The system has processed approximately $13 trillion in transactions and involves banks like HSBC, Wells Fargo, JP Morgan, and Deutsche Bank.
- The integration allows more flexible settlement, combining both tokenized and traditional money transfers.
- The partnership expands available currencies and operates 24/7, offering more options and liquidity for participants.
Partior has joined the foreign exchange payment versus payment (PvP) settlement system operated by OSTTRA. This move creates a link between two major distributed ledger technology (DLT) platforms for settling currency exchanges. The partnership aims to enhance efficiency and decrease risks for banks and other market participants involved in currency transactions.
As of now, the combined system has supported about $13 trillion in currency transactions. Banks such as HSBC, Wells Fargo, DBS, Deutsche Bank, Emirates NBD, JP Morgan, and Standard Chartered are part of the network. The system enables payments to be exchanged simultaneously, reducing settlement risk often faced in foreign exchange trades conducted outside of major systems. OSTTRA co-CEO John Stewart stated, “We set out to combine the global OSTTRA network with Baton’s game-changing technology to enable the widespread adoption of FX PvP, extending the critical benefits of liquidity optimisation and settlement risk mitigation to a broader range of currency pairs and market participants. With tokenised commercial bank assets rapidly emerging as a transformative force, the integration and partnership with Partior is a significant next step on our journey.”
Partior works by turning commercial bank money into digital tokens and counts JP Morgan, DBS, and Standard Chartered among its partners, currently handling the U.S. dollar, euro, and Singapore dollar. The settlement process can now combine tokenized cash from Partior with traditional bank money, allowing each side of a transaction to use different types of assets. This setup gives participants more flexibility in managing payments and reduces the risk by settling both sides of a currency trade at the same time.
The system also builds on previous partnerships, including the integration of Fnality with OSTTRA last month. Fnality offers its own DLT settlement, using central bank reserves in digital form. The latest integration brings together major DLT-based settlement platforms, opening access to more counterparties and currencies.
According to OSTTRA, roughly $2.2 trillion in foreign exchange transactions each day settle outside existing global systems, often exposing banks to the risk that one side of a deal may not be paid. Payment versus Payment (PvP) systems help solve this by ensuring both sides settle at the exact same time.
A key benefit is that Partior’s settlement runs around the clock, while other systems may be limited to certain hours. For banks using Partior, accounts with HSBC and Wells Fargo are required for certain transaction legs.
By bringing together different platforms within one network, more participants can make use of the available liquidity and a wider range of currency pairs. This creates a “network effect,” encouraging banks to join the combined system. Additionally, Partior users gain access to currency pairs beyond their current range, as supported by the broader OSTTRA network.
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