Qatar National Bank Group announced today, September 29, that it has opted to use the blockchain platform by JPMorgan to complete the U.S dollar corporate payments.
With this development, the QNB aims to process USD payments for business clients at a much faster rate, and it has also become the first bank in Qatar to switch to Kinexys by JPMorgan.
As per Bloomberg with Kinexys, QNB will be able to process U.S dollar payments in minutes and 24/7 for its business clients.
In an interview, Kamel Morris, executive VP of transactional banking at QNB, said, “ Now we can have a 24/7 service window, we can guarantee payment as fast as in two minutes,” adding, “ It’s a treasurer’s dream.”
It is worth noting that Kinexys was launched in 2019 and now handles $3 billion worth of transactions a day.
A few other data sets note that JPMorgan has confirmed that eight of the largest banks in the Middle East and North Africa have opted for Kinexys. Yet the adoption by QNB also complements its most recent launch of a tokenized money market fund.
Banks are opting for blockchain to boost their settlement
With the growing adoption of cryptocurrencies, blockchain technology has gained significant traction, fueling the spark among traditional banking players to opt for blockchain to ease the transfer.
Other than Qatar National Bank, there are several other banks that have already tested blockchain for business clients, and even a few of them have already integrated the technology to bypass the prior hurdles.
It is worth noting that the QNA’s and JPMorgan partnership represents a significant milestone for evolution in regional banking, setting an example of not only focusing on faster speed and others but also the integration with global finance giants pushing blockchain innovation.
Many of the known finance giants have been investing heavily in the advancement and development of blockchain technology globally, with some of them developing their own in-house blockchain.