Payments Network OneHypernet Partners R3 to Build Decentralised Multilateral Netting Solution

SINGAPORE, June 30, 2021 OneHypernet, a Singapore-based global payments network, and R3, the global enterprise software firm, today announced a partnership to build a decentralised and secure multilateral netting solution powered by Corda—R3’s flagship enterprise blockchain platform, and Conclave, R3’s new confidential computing platform which secures sensitive business data while it’s being used. This partnership underscores the demand for multi-party offerings such as blockchain and confidential computing, especially in the region, as more enterprises place greater emphasis on data privacy, trust, and security.

The cross-border payments industry is inherently inefficient because there is no standardised global system; banking agents operate on different platforms, regulations, and operational protocols. When a cross-border payment is initiated, the transaction and know-your-customer (KYC) data gets passed along in a bilateral chain of agents until it finds a connection to the intended recipient. This results in layers of fees, prolonged delivery, and a loss of privacy. 

By leveraging on confidential computing, OneHypernet’s decentralised multilateral netting solution aggregates transactions from multiple parties while keeping data secure and private. Instead of searching through a chain of banking agents, the most efficient settlement routes are generated from all permutations, providing a complete view of the foreign exchange market. 

Amit Ghosh, Head of APAC at R3 said: “By building on Corda, OneHypernet will be able to offer a fully digitised solution that delivers the unique benefits of enterprise blockchain, such as transparency, immutability, and automation. This will enable their solution to drive down costs, increase efficiency of cross-border transactions, and enable users to save roughly 96% of cross-border fees.” 

“Additionally, financial institutions need to share transactional information with multiple parties. Conclave allows OneHypernet to code tamper-resistant applications ensuring greater data transparency and security. By using Corda and Conclave, we are confident that all of our partners will be able to seamlessly deploy our solutions into their existing technology stack, allowing them to harness the  power of blockchain technology and the privacy enhancements that confidential computing provides,” Ghosh added

OneHypernet was awarded the Monetary Authority of Singapore’s Financial Sector Technology and Innovation (FSTI) Proof of Concept (POC) grant on 18-Aug-2020. The FSTI POC grant provides funding support for experimentation, development and dissemination of nascent innovative technologies in the financial services sector. The company is headed by the founding members of Thin Margin, Singapore’s first and largest online money-changer. OneHypernet is the latest startup born out of the global R3 Venture Development programme and also the first startup in APAC that will augment their blockchain solution with Conclave since the platform’s official launch in February 2021.

Alstone Tee, Co-Founder of OneHypernet said: “The correspondent banking model is currently the only ubiquitous settlement solution for cross-border payments. As a system of bilateral relationships, operational processes and liquidity requirements are duplicated across the correspondent banking chain. 

Our partnership with R3 solves this by connecting global markets on a common ledger, enabling a real-time shared view with standardised protocols and data privacy. When privacy is preserved, all foreign exchange positions can be included in the same settlement cycle. This allows for a true multilateral, multicurrency settlement system, eliminating duplicative processes and liquidity costs.

Through our network, we enable banks to unlock liquidity trapped in nostro/vostro requirements, perform faster pay-outs, and eliminate cross-border settlement risks.”

AsiaBizToday