Qatar National Bank utilizes JPMorgan blockchain for USD payments
The post Qatar National Bank utilizes JPMorgan blockchain for USD payments appeared on BitcoinEthereumNews.com.
Qatar National Bank has recently adopted JP Morgan’s Kinexys blockchain technology to process its USD payments, providing faster transactions and around-the-clock services for fiat currency. Summary Qatar National Bank has become the first bank in Qatar to adopt JPMorgan’s Kinexys blockchain platform to process USD payments on-chain. The move expands on QNB’s broader Web3 strategy, which includes launching a tokenized money market fund and piloting Ripple’s cross-border remittance network. On Sept. 29., one of the largest financial groups in the Middle East, Qatar National Bank Group recently switched to using JPMorgan’s blockchain platform for completing U.S. dollar corporate payments. The Doha-based bank can now process U.S.-dollar based payments for business clients at a faster rate than ever before. With this integration, QNB becomes the first bank in Qatar to start using JPMorgan’s Kinexys Digital Payments system to facilitate settlements of their corporate flows and automating on-demand multi-currency cross-border payments. According to a recent report by Bloomberg, Kamel Moris, executive vice president of transactional banking at QNB, said that the blockchain helps the bank establish a USD payments system that provides clients with a 24/7 service window. This is a major advancement when compared to other traditional banks that mostly process fiat currency transactions on weekdays and clients have to wait days for funds to reach their beneficiary. “We can guarantee payments as fast as in two minutes,” Moris said to Bloomberg. “It’s a treasurer’s dream.” JPMorgan’s Kinexys Digital Payments system was established in 2019 and currently handles around $3 billion worth of transactions on a daily basis. QNB Group began partnering with the blockchain unit as early as March 2025. At the moment, the blockchain hosts eight major financial institutions from the Middle East and North African region, which includes First Abu Dhabi Bank, Saudi National Bank, Emirates NBD, Commercial…
