The Middle East's largest bank processes payments via JPMorgan blockchain
- Qatar's QNB Group is migrating its US dollar payment processing for business clients to JPMorgan's Kinexys blockchain platform. The move underscores the growing use of the technology in international banking.
- With the new system, transfers can now be processed in just a few minutes around the clock – even on weekends – whereas traditional bank transactions often take several days.
- “It’s a treasurer’s dream,” said Kamel Moris, head of transaction banking at QNB, in light of the speed and flexibility of the new infrastructure.
- JPMorgan launched its blockchain network in 2019, which now processes three billion US dollars in payments daily. This is a fraction of the approximately ten trillion US dollars the banking giant moves in payments every day.
- The platform will now be gradually opened to other financial institutions in order to reach even more companies via JPMorgan's global correspondent banking network.
- At the same time, SWIFT, which connects over 11,000 banks, is also testing the use of blockchain technology. Renowned institutions such as BNP Paribas and BNY Mellon are participating in the pilot projects.
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Source:
- Bloomberg report | Bloomberg
Eine Quelle: btc-echo.de
