Qatar National Bank speeds up USD payments with JPMorgan blockchain

Qatar National Bank Group (QNB), one of the largest financial institutions in the Middle East, has adopted JPMorgan’s blockchain platform, Kinexys, to process corporate payments in US dollars, according to a Bloomberg report.

The move represents a shift from traditional cross-border payment infrastructure, which operates only on weekdays and often requires several days to settle transactions. The new system enables near-instant payments available 24/7.

Kamel Moris, Executive Vice President of Transactional Banking at QNB, stated that the bank can now guarantee payment completion in approximately two minutes.

Kinexys currently processes around $3 billion in daily transactions, a fraction of JPMorgan’s total daily payment volume of about $10 trillion. The platform operates on a permissioned blockchain, allowing real-time fund transfers between participating clients.

In June, Kinexys collaborated with Chainlink and Ondo Finance on a delivery-versus-payment (DvP) settlement test between a permissioned network and a public testnet. Meanwhile, JPMorgan has stated that stablecoins do not pose a direct threat to its business model, although the bank is closely monitoring developments in the sector.