QNB agrees with the Blockchain network of JPMorgan to speed up dollar payments

QNB has become a member of the Kinexys Digital Payment platform of JPMorgan and has become the first bank in the country to use Blockchain for real-time USD business benefits.

Qatar National Bank (QNB), the largest lender in the country, has adopted the Kinexys Digital Payment platform of JPMorgan to process US dollar business transactions.

This makes it the first bank in Qatar to extend its network to blockchain for real-time USD settlements, which prevents multi-day delays in traditional systems.

The growing network of JPMorgan

A Bloomberg report to show That the Kinexys system system enables company customers to carry out transactions in minutes, even during the weekend or external office hours. Kamel Moris, the executive vice -president of QNB for Global Transaction Banking, described this as ‘a dream of a treasurer’, and noted that transaction time frames could be reduced to just two minutes, a big advantage for companies that work with a tight liquidity.

It Eliminates many of the inefficiencies in conventional payment networks by immediately programming deposits On blockchain rails. These rails are reportedly processing $ 3 billion in daily payments at connected banks, making it easier for Treasury teams to automate liquidity flows.

JPMorgan has scaled Kinexys steadily in the middle. The platform builds on the earlier blockchain initiatives of the bank, including the Onyx division and projects that are linked to Quorum, are Enterprise Blockchain.

For the financial institution, the submission of QNB contributes to a growing list of regional adopters. Companies such as Emirates NBD and Saudi National Bank have already become a member of the network and show how Gulf-credit providers give priority to speed, transparency and always on settlement options.

What this means for the banking sector

Studies show that local business payments depend In Correspondent banks, where the structure causes delays as a result of time zone variation, business hours restrictions and other manual checks. Kinexys, on the other hand, makes payments go directly on blockchain rails, which bypass these traditional frictions.

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Large financial institutions worldwide accelerate their use of distributed ledger technology and consider it a tool to simplify complex back-office processes. Although banks have tested these systems for more than ten years, few have been able to scale or reach commercial viability.

Earlier this year, Reuters also announced a partnership between the Axis Bank of India and JPMorgan extend Axis customers access to 24/7 dollars transfers. This collaboration enabled the company to streamline its liquidity management and to unlock advanced treasury options, such as multi-bank cash concentration. The technology offers more than just speed and offers lower costs and more transparency.

Naveen Mallela, worldwide co-head of Kinexys, said in an interview that opening the network for such companies makes it possible to reach companies that are not direct customers of the bank. “This is scale of institutional quality,” he said.