Qatar National Bank Group (QNB), one of the largest financial institutions in the Middle East, has adopted JPMorgan’s blockchain platform, Kinexys, to process corporate payments in US dollars, according to a Bloomberg report.
The move represents a shift from traditional cross-border payment infrastructure, which operates only on weekdays and often requires several days to settle transactions. The new system enables near-instant payments available 24/7.
Kamel Moris, Executive Vice President of Transactional Banking at QNB, stated that the bank can now guarantee payment completion in approximately two minutes.
Kinexys currently processes around $3 billion in daily transactions, a fraction of JPMorgan’s total daily payment volume of about $10 trillion. The platform operates on a permissioned blockchain, allowing real-time fund transfers between participating clients.
In June, Kinexys collaborated with Chainlink and Ondo Finance on a delivery-versus-payment (DvP) settlement test between a permissioned network and a public testnet. Meanwhile, JPMorgan has stated that stablecoins do not pose a direct threat to its business model, although the bank is closely monitoring developments in the sector.