Deutsche Bank has carried out its first euro-denominated cross-border payment via Partior’s blockchain platform.
Deutsche Bank acted as the settlement bank on the platform, with Southeast Asia's largest lender DBS acting as beneficiary.
Partior is the bank-backed fintech behind a ledger-based interbank system for real-time clearing and settlement. Deutsche Bank pumped $20 million into the firm late last year before inking an agreement in May to deliver real-time, secure and scalable settlement.
Deutsche Bank and DBS - a founding Partior shareholder - collaborated to ensure that the blockchain network was interoperable with traditional rails. This enabled the payment to be executed across different financial market infrastructures.
Ciaran Byrne, head, product management, institutional cash management, Deutsche Bank, says: "We envisage a future using multiple rails, be it Swift, Stablecoins, or blockchain-based solutions, where intelligent and negotiated routing produces maximum value in terms of processing efficiency, cost and client experience.
"Blockchain is clearly gaining traction in the industry and will form an integral component of how we service our FI clients. Through our partnership with Partior, we will offer clients a whole new experience in terms of real-time execution."