The largest lender in the Middle East, Qatar National Bank (QNB), has adopted JPMorgan’s Kinexys Digital Payments platform to process US dollar corporate payments in Qatar. This move will help in cutting settlement times from several days to just minutes. The decision announced last week allows QNB to offer 24/7 payment services to corporate clients, handling transactions worth billions daily. Analysts say this adoption marks a significant step in the global embrace of blockchain by major financial institutions. QNB’s Blockchain Move Could Enable Faster, Safer Global PaymentsAs per a report by Bloomberg, for corporate treasurers, cross-border payment delays have long been a challenge. Kinexys now promises instant settlement, reducing friction in US dollar transfers. “Now we can have a 24/7 service window, we can guarantee payments as fast as in two minutes,” said Kamel Moris, executive vice president of transactional banking at QNB. In an attempt to navigate past traditional banking channels, which often require several business days to process payments, the platform utilises blockchain technology. Kinexys was launched in 2019 by JPMorgan, and the network now handles over $3billion (roughly Rs. 2,66,160 crore) transactions every day. Though this is modest as compared to the bank’s $10 trillion (roughly Rs. 8,87,200 crore) daily payment business, this adoption by QNB reflects strong growth potential. Naveen Mallela, global co-head of Kinexys, said, “This is institutional-grade scale,” highlighting the bank’s aim to expand blockchain solutions across its global correspondent network.This decision also has an impact on the cryptocurrency market. Confidence in the underlying technology of digital assets like Bitcoin (BTC) and Ethereum (ETH) increases every time a significant financial institution adopts blockchain. Historically, announcements of bank blockchain integrations have triggered short-term spikes of 10-15 percent in ETH trading volumes, while Bitcoin generally experiences positive market sentiment. Tokens like Chainlink (LINK) could also benefit from the growing adoption of tokenised finance solutions. There is more to QNB’s integration of JPMorgan’s blockchain system than just an improvement in regional banking. It signifies a larger movement in international finance towards blockchain-powered solutions, which make payments quicker, safer, and more effective. This development may indicate that blockchain technology is becoming more widely accepted and has the potential to change cross-border finance for both independent cryptocurrency traders and corporations.Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
Source: gadgets360.com
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