QNB joins JPMorgan’s blockchain network to speed up USD payments

QNB has joined JPMorgan’s Kinexys digital payment platform, becoming the first bank in the country to use blockchain to pay in real-time USD companies.

The Qatar National Bank (QNB) is the country’s largest lender and has adopted JPMorgan’s Kinexys digital payment platform to process U.S. dollar company transactions.

This makes it the first bank in Qatar to expand its network to blockchain for real-time dollar settlements, eliminating the multi-day delays common in traditional systems.

JPMorgan’s Extended Network

The Bloomberg report shows that the Kinexys system allows enterprise customers to execute transactions within minutes, even during weekends or external working hours. QNB Global Transaction Bank executive vice president Kamel Moris described it as a “treasury’s dream” and pointed out that the transaction time range can be shortened to two minutes, which is a major advantage for companies operating strict liquidity.

The same is true Eliminate many inefficiencies in regular payment networks by programming deposit accounts directly Enter the blockchain rail. These rails are reportedly processing $3 billion in daily payments from connected banks, making it easier for fiscal teams to automate liquidity traffic.

JPMorgan Chase has been steadily expanding the sports world throughout the Middle East. The platform builds on the bank’s earlier blockchain initiatives, including the Onyx division and projects related to the enterprise blockchain Quorum.

For financial institutions, QNB’s entries have added an increasing list of regional adopters. Companies such as the UAE NBD and Saudi National Bank have joined the network, demonstrating how Gulf lenders prioritize speed, transparency and always-settlement options.

What does this mean for the banking industry

Research shows that local company payments depend on journalists’ banks, and structures can lead to delays due to time zone differences, business hour restrictions and other manual checks. Kinexys, on the other hand, allows payments to move directly on the blockchain track, bypassing these traditional frictions.

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Large financial institutions around the world are accelerating their use of distributed ledger technology as a tool to simplify complex backend processes. Although banks have tested these systems for more than a decade, few have been able to scale or achieve commercial viability.

Earlier this year, Reuters also announced a partnership between Axis Bank of India and JPMorgan Chase to expand access to Axis customers to the $24/7 transfer. The collaboration allows the company to simplify its liquidity management and unlock advanced Treasury features such as multi-bank cash concentration. The technology not only provides speed, but also provides lower cost and higher transparency.

Naveen Malala, the global co-head of Kinexys, said in an interview that opening the network to such companies allows it to reach companies that are not direct customers of the bank. “It’s an institutional scale,” he said.