Key Highlights
- Kinexys processes $3 billion daily with payments in just 2 minutes.
- QNB enables 24/7 corporate transactions, far faster than traditional transfers.
- Blockchain adoption by banks accelerates global financial efficiency.
QNB Group Adopts JPMorgan’s Kinexys Blockchain to Process $3 Billion Daily
QNB Group, one of the largest banks in the Middle East, has begun using JPMorgan's Kinexys blockchain platform to process corporate payments in US dollars. The move promises faster, 24/7 transactions, giving corporate treasurers a major upgrade from traditional interbank transfers that can take several days.
Kinexys Enables Lightning-Fast Transactions
The new blockchain system allows Qatari customers to complete payments within minutes, anytime, the bank reports. According to Kamel Moris, Executive Vice President of Transaction Banking at QNB, the platform meets the high expectations of corporate clients seeking speed and security.
"We now have a 24/7 service window, and we can guarantee payments in just two minutes. It's every treasurer's dream," Moris said.
Launched in 2019, Kinexys already handles $3 billion in daily transactions. While impressive, this is still a fraction of JPMorgan’s payments division, which processes around $10 trillion daily.
Blockchain Adoption Accelerates Globally
QNB’s adoption reflects a broader trend: financial institutions worldwide are increasingly turning to blockchain and distributed ledger technology to streamline back-office processes. JPMorgan plans to expand Kinexys through its extensive correspondent network, connecting institutions and companies that are not direct clients.
"We are opening the network to more participants and expanding to institutional clients," said Kinexys co-CEO Navin Mallela. This expansion is expected to allow Kinexys to compete directly with traditional global interbank payment channels.
Despite more than a decade of experimentation, only a few blockchain platforms have achieved practical scale. Experts note that innovations like Kinexys represent a major step toward wider adoption and efficiency in corporate payments.
