Blockchain payment platform launched, exchange rates reduced from 2 days to 2 minutes

With the advent of the payment platform using blockchain technology, the interbank wholesale market time has been reduced from an average of 2 days to 2 minutes. The new system was developed by blockchain technology provider Partior. One is DBS Group, J.P. It is a joint venture between Morgan and Temasek Holdings.

Participants announced in a statement on Tuesday (26) that the company had started its first trial with its banking partners and made the final payment in SGD and USD within two minutes.

Expected to reach $156 trillion ($210 trillion) in global market share next year, the platform will tackle issues in emerging markets, including late payments and high exchange rates.

Next, Arab Bank will work with JPMorgan to help corporate customers pay higher bills at Bahrain's platform time to overseas payers and resellers.

The platforms mentioned above also improve the visibility of the payment market and reduce the impact of costs by reducing the demand for intermediaries.