Qatar Bank Adopts JPMorgan’s Blockchain for Faster Payments

Qatar National Bank (QNB), one of the largest banks in the Middle East, is implementing JPMorgan's blockchain platform, Kinexys, to facilitate corporate payments in Qatar. This decision comes as a significant change from the limitations of traditional banking systems, where cross-border transactions are restricted to weekdays and can take several days to process. Kamel Moris, QNB's executive vice president, remarked that the new system allows for payments within as little as two minutes, operating 24/7. Kinexys, which processes approximately $3 billion daily, employs a permissioned blockchain to enable real-time fund movements, unlike traditional networks. JPMorgan's overall payment processing volume is around $10 trillion each day. Despite the advancements in blockchain technology, JPMorgan’s CEO Jamie Dimon expressed that he is not overly concerned about the impact of stablecoins on the bank's business model, emphasizing the importance of understanding developments within the sector as regulatory landscapes evolve.

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