NH Nonghyup Bank and Partior Complete Blockchain-Based Overseas Remittance Proof-of-Concept

First Korean Bank to Validate Global Commercial Network
Pushing Forward with Blockchain Payment Infrastructure Development

NH Nonghyup Bank announced on December 1 that it has successfully completed a proof-of-concept for blockchain-based overseas remittance technology in collaboration with Partior, a blockchain payment network company.

Partior is a provider of blockchain-based payment network infrastructure, funded by global banks such as JP Morgan, DBS, SCB, and Deutsche Bank. It guarantees efficient real-time payments and settlement finality, operating 24 hours a day, 365 days a year. In this proof-of-concept, global investment bank JP Morgan served as both the sending and receiving bank.

This verification marks the first time a Korean financial institution has tested a global commercial blockchain payment network. The proof-of-concept validated key technical elements, including the possibility of system integration for cross-border payments, the accuracy of message processing, and real-time payment capabilities. The test was conducted as a simulation-based technical verification, with no actual fund transfers or customer information involved.

NH Nonghyup Bank confirmed through this verification that a blockchain-based payment system can be stably implemented within the current regulatory framework. The bank also stated that, should stablecoin regulations be established in the future, it could secure technological scalability, such as interoperability with various digital payment methods.

An official from NH Nonghyup Bank said, "Through our collaboration with Partior, we have laid the foundation for building a blockchain-based payment ecosystem," adding, "If commercialized in the future, we expect it will significantly improve the inefficiencies of the current cross-border payment and settlement system."

Humphrey Valenbreder, CEO of Partior, stated, "We are pleased to collaborate with NH Nonghyup Bank as the first Korean financial institution to validate a global blockchain payment network," and added, "The real-time settlement finality and operational efficiency confirmed through this verification will become a strategic competitive advantage for NH Nonghyup Bank."