QNB Adopts JPMorgan's Kinexys Blockchain for Instant USD Settlements
Qatar National Bank (QNB), the Middle East and North Africa's (MENA) largest financial institution with over $300 billion in assets, has adopted JPMorgan's Kinexys blockchain platform. This move enables 24/7 instant settlement for dollar transactions, reducing settlement times significantly.
QNB, joining seven other major banks in the MENA region, can now facilitate real-time USD corporate payments and cross-border transactions. The platform uses blockchain-based deposit accounts and programmable payments, automating treasury functions and compliance checks. Clients can move dollars across borders almost instantly, with uninterrupted access to liquidity.
The adoption of Kinexys by QNB is expected to prompt other Gulf banks to accelerate their blockchain adoption. Kinexys has already processed over $1.5 trillion globally, with daily averages exceeding $2-3 billion. The platform can form the foundation of tokenized finance, enabling easy transfer of assets like bonds and trade receivables across blockchain networks.
QNB's adoption of Kinexys highlights the growing institutional shift towards blockchain. With corporate USD payments now processing in as little as two minutes, QNB's clients benefit from enhanced efficiency and speed. The move could spark a wider trend in the banking industry, with potential ripple effects on crypto markets.
