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 USD corporate payment transactions processed by its Qatar branch.

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