Qatar bank taps JPMorgan’s blockchain for faster US dollar payments
“It’s a treasurer’s dream,” said QNB’s Kamel Moris, highlighting how the bank’s shift to JPMorgan’s Kinexys blockchain enables near-instant, 24/7 payments.
Qatar National Bank Group (QNB), one of the Middle East’s largest banks, has adopted JPMorgan’s blockchain platform, Kinexys, to process corporate payments in Qatar, according to a Monday Bloomberg report.
The switch marks a departure from the constraints of traditional banking infrastructure, where cross-border payments are limited to weekdays and can take days to complete.
In a Bloomberg interview, Kamel Moris, the executive vice president of transactional banking at QNB, described the development as a “treasurer’s dream,” pointing to the 24/7 service window with the blockchain. “We can guarantee payments as fast as two minutes,” he added.