Atul Bhuchar’s Smart Contracts: Elevating Automated Payment Processing.

  • Atul Bhuchar, Head of Product at global unified ledger market infrastructure company Partior, has shared his views on how distributed ledger technology (DLT) and smart contracts can enhance automated payment processing.
  • Partior grew out of an initiative backed by the Monetary Authority of Singapore and its shareholders include banks such as JP Morgan and Standard Chartered. The company aims to optimize liquidity access and address operational inefficiencies in the financial industry.
  • Bhuchar suggests that DLT can help banks operate in a more decentralized and streamlined manner, while smart contracts can automate transactions, reduce costs, and increase efficiency.

Bhuchar’s company, Partior, uses blockchain technology to provide real-time, cross-border multi-currency payment solutions. With the help of DLT, Partior can address challenges such as settlement delays, poor transaction transparency, and high operating costs that are common in the financial industry. The company’s unique features include concurrent processing, simultaneous value-movement and messaging, atomic settlement, and pre-validation – all of which contribute to round-the-clock settlement finality and improved interoperability in cross-border payments.

The global financial ecosystem is rapidly evolving due to new financial innovations, including digital currencies and tokenized assets. When asked about how traditional institutions can stay ahead of the curve, Bhuchar explains the need for these institutions to upgrade their current systems to embrace new technologies and forms of money, but without a complete overhaul of their existing systems.

He also discusses the potential of programmable payments, facilitated by smart contracts, to transform the landscape of global payments. By using smart contracts, payments can be executed based on predefined conditions, leading to greater automation and transaction efficiency. This also reduces manual processing and associated costs and risks.

Looking to the future, Bhuchar expects that distributed ledger technology solutions will become increasingly prominent in the financial industry due to their ability to enhance transactional efficiency and transparency. As such, traditional financial infrastructures need to adapt to this shift towards digitalization, and platforms like Partior can help them do so.