Emirates NBD, one of the largest banking groups in the Middle East, has gone live with blockchain-based cross-border payments using the Partior network. The move marks a shift from pilot to production for the technology, which the bank says can reduce settlement times and lower transaction costs for corporate and retail customers.
Live on Partior
Partior is a blockchain platform built for interbank settlement. By connecting directly to the network, Emirates NBD can process cross-border payments in near real-time, bypassing the traditional correspondent banking chain that often takes days. The bank is now handling live transactions on the network, though it hasn't disclosed which currency corridors are active first.
Efficiency gains for the region
The bank expects the system to cut costs by eliminating intermediaries and reducing manual reconciliation. For a region that handles a high volume of remittances and trade finance, the efficiency gains could be significant. Emirates NBD's adoption could push other regional banks to follow suit, especially as the UAE pushes for faster, cheaper cross-border payments.
Emirates NBD hasn't said whether the service will be available to retail customers or only corporate clients. A broader rollout would depend on how the initial phase performs. The bank has not provided a timeline for further expansion or additional corridors. More details are expected as the system scales.
