Qatar National Bank adopts JPMorgan's blockchain platform Kinexys for USD payments

ChainCatcher news, according to Bloomberg, one of the largest financial institutions in the Middle East, Qatar National Bank (QNB Group), has switched to JPMorgan's blockchain platform to handle its dollar corporate payment business processed by its Qatar branch.

In a statement released by both companies on Monday, it was noted that by adopting JPMorgan's Kinexys digital payment system, Qatar National Bank (QNB), headquartered in Doha, can now process dollar payments for its corporate clients in Qatar around the clock (24/7), taking only a few minutes. In contrast, bank payments using traditional payment channels are mostly processed only on business days, and funds may take several days to reach the beneficiary's account. The Kinexys network was launched in 2019 and currently processes transactions worth $3 billion daily.