NH NongHyup Bank successfully completed the pilot project of blockchain-based cross-border payments, carried out via Leavethe blockchain platform. Under the pilot, JP Morgan acted as both beneficiary and settlement bank.
Used by the world’s largest banks, Partior’s blockchain solutions are designed to integrate with core banking systems, providing 24/7 capabilities to ensure efficient, real-time and final settlement.
This pilot project is the first case in Korea where a financial institution is testing a blockchain payment network already in commercial use by major global banks, including JP Morgan, DBS, Standard Chartered and Deutsche Bank.
NH NongHyup Bank executed transactions based on realistic cross-border payment and foreign exchange liquidity management scenarios for the Korean market, validating key technical capabilities such as system interoperability, message processing accuracy and real-time settlement functionality. The pilot was conducted as a technology validation exercise using simulated data, without involving actual fund transfers or customer information.
The results confirmed that blockchain-based payments can be reliably implemented within Korea’s current regulatory framework. Partior’s live network already has proven capabilities in USD, EUR and SGD in commercial use in the US, Europe, Asia and the Middle East.
NH NongHyup Bank also noted that as Korea establishes stable coin regulations in the future, the network could interact with a wider range of digital settlement instruments, demonstrating significant potential for technical scalability.
A representative from NH NongHyup Bank said: “Our collaboration with Partior has laid the foundation for building a blockchain-enabled payment ecosystem. We hope that once operational, this model could significantly reduce the structural inefficiencies inherent in the current system.”
Humphrey ValenbrederCEO of Partior, said: “We are very pleased to partner with NH NongHyup Bank in a historic first for the wholesale settlement ecosystem in Korea. We look forward to continuing our partnership to deliver the real-time finality accuracy and operational efficiency that will be a strategic advantage for NH NongHyup Bank.”
Based on the results of the pilot project, NH NongHyup Bank plans to advance discussions towards production-level deployment in Korea. The bank will also strengthen its collaboration with leading global financial institutions as it moves towards building a Korean-led blockchain-based cross-border payments infrastructure.
