The QNB Group, one of the leading banks in the Middle East, has announced the implementation of the Kinexys blockchain platform developed by JPMorgan to optimize corporate payments in US dollars. This solution enables the company to conduct financial transactions around the clock, reducing transaction times to two minutes instead of several days, as was the case with traditional interbank transfers.
This is reported by Business • Media
Innovations in Payment Infrastructure
The use of Kinexys provides corporate clients in Qatar with the ability to make payments at any time of day. According to QNB’s Executive Vice President of Transaction Banking, Kamel Mouris, the implementation of blockchain meets the modern demands of corporate treasurers who seek maximum speed and reliability when transferring funds.
“We now have a 24/7 service window, and we can guarantee payments in just two minutes. This is a dream for any treasurer,” he noted.
The Kinexys network, established in 2019, is already processing transactions totaling around $3 billion daily. However, this volume still represents only a small fraction of the overall daily turnover of JPMorgan’s payment division, which reaches $10 trillion.
Scaling and Future Prospects
QNB has become part of JPMorgan’s global correspondent network, which allows connecting financial institutions and companies that are not direct clients of the bank. According to Kinexys co-head Navin Mallali, reaching the institutional level and expanding the network opens new opportunities for competing with traditional channels of interbank payments.
Analysts emphasize that the active implementation of distributed ledger technologies helps global financial institutions optimize back-office processes. However, only a few blockchain platforms have achieved significant scale and practical application in the payments sector, despite years of banks experimenting with the new technology.
It is known that previously, the co-founder of the cryptocurrency exchange Gemini accused JPMorgan of pressuring the exchange due to public criticism.