The Qatar National Bank Group (QNB), one of the largest banks of the Middle East, adopted the JPMorgan’s blockchain platform, Kinexys, to process corporate payments in Qatar, according to a Monday’s Monday report by Bloomberg.
The switch marks a departure from the barriers of the traditional banking infrastructure, where cross-border payments are limited to the end days and can take days to complete.
To a Bloomberg interviewKamel Moris, the Executive Vice President of Transactional Banking at QNB, described the development as a “manager’s dream,” pointing to the 24/7 service window with the blockchain. “We can ensure payments for two minutes quickly,” he added.
Cointelegraph reached QNB for more information, but did not receive a response by publishing.
Kinexys processes $ 3 billion in sunny transactions
According to the announcement, Kinexys processes about $ 3 billion in sunny transactions. While the number looks amazing, it is just a part of what JPMorgan is handling, which is about $ 10 trillion in the day -to -day payment.
The platform uses an permitted blockchain system that allows participating clients to transfer funds to be held in the deposit within JP Morgan in a real-time manner.
Unlike permissions without permission, a Blockchain allowed Includes a layer of control. The additional security layer provides network participants to perform actions that allow them to perform.
In June, Kinexys cooperated with chainlink and ondo finance To complete a crosschain delivery compared to the payment (DVP) regulating between a public testnet and a permission of payment network.
The test is involved in the Kinexys digital payment of the network and testnet of the ondo chain, focusing on Real-World Asset tokenization (RWA).
Related: China has opened the Shanghai Digital Yuan Hub for cross-border, blockchain services
JPMorgan CEO does not “remember” about stablecoins
While JPMorgan’s Kinexys is processing US-dollar payments, JPMorgan CEO Jamie Dimon said in an interview with CNBC on September 23 that he was “not particularly concerned” about Stablecoins, indicating that he was Do not see these tokens as a threat In the bank business model.
Despite this, Dimon said bank executives should be at the top of developing and understanding it, which teaches the regulation and growth of the sector.
RWA.xyz data has shown that the stablecoin net flows grew more than 320% In the third quarter, the USDT and Circle are leading the charge.
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