Emirates NBD Leads the Way in Cross-Border Payments with Partior

Photo : Dubai Government Media Office

Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa, and Türkiye) region, has announced a strategic partnership with Partior to explore participation in their innovative blockchain-based platform for clearing and settlement. This collaboration aims to provide Emirates NBD’s clients with 24/7 access and faster, more seamless payment processes.

As part of this partnership, Emirates NBD will join the Partior network, making it the first regional bank to settle transactions in UAE Dirham, Saudi Riyal, and Indian Rupee on the platform. Furthermore, Emirates NBD intends to expand its role as a participating bank for major foreign currencies, enhancing its service offerings to enable real-time payments for clients.

Partior, launched in 2021, is backed by prominent financial institutions such as DBS Bank, J.P. Morgan, Standard Chartered, Temasek, and Peak XV. The platform has made significant strides in developing a blockchain-based unified ledger for payments, facilitating real-time clearing and settlement. This advancement provides instant liquidity and transparency, effectively addressing challenges typically encountered in sequential processing within legacy payment systems.

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In addition to joining the Partior network, Emirates NBD is also considering an equity investment in Partior, which would represent a strategic alignment within the financial ecosystem and contribute to redefining the future of global value exchange. By integrating with Partior’s blockchain platform, Emirates NBD aims to enhance the transparency, efficiency, and security of global payment and settlement processes.

Ahmed Al Qassim, Group Head of Wholesale Banking at Emirates NBD, highlighted the significance of this partnership, stating, “Our collaboration with Partior is a vital component of our broader strategy to adopt new technologies in a constantly evolving digital landscape. We are committed to innovation to ensure that we offer our clients the most advanced financial solutions. By leveraging Partior’s transformative blockchain technology, we are not only future-proofing our operations but also creating a seamless payment infrastructure that meets the rapidly changing business needs of our clients.”

Neeraj Makin, Group Head of Strategy - Analytics and Venture Capital at Emirates NBD, emphasized the importance of the investment from Emirates NBD’s Innovation Fund, calling it a pivotal moment in Partior’s journey as a leader in next-generation payment infrastructure. “This investment underscores our belief in the transformative potential of blockchain for financial services, especially in cross-border transactions. What is truly exciting about this investment is the potential for cross-market collaboration and the development of a seamless cross-currency payments ecosystem, which will enhance transparency and reduce friction for businesses and clients alike.”

Humphrey Valenbreder, Chief Executive Officer at Partior, remarked on the collaboration, stating, “This partnership positions Emirates NBD as Partior’s gateway to the vibrant MENAT region, aligning with our strategic roadmap to expand in the Middle East. By integrating our blockchain capabilities with Emirates NBD’s trusted network, we are not only enhancing our operational capabilities but also reinforcing our shared commitment to improving the efficiency and security of cross-border transactions, thereby driving economic growth and innovation throughout the region.”

Through this strategic partnership, Emirates NBD and Partior aim to redefine the landscape of cross-border payments, delivering greater efficiency and reliability to clients in the MENAT region.