Arab Bank joins other MENA Banks utilizing Kinexys Blockchain

Arab Bank with a presence across the MENA region will be utilizing J.P. Morgans blockchain platform Kinexys for digital payments.

As per the announcement, select branches of Arab Bank will be able to use Kinexys’ blockchain-based payment rail to explore selected use cases related to cross-border payments for its customers, liquidity management and operational efficiency.

Akshika Gupta, Global Head of Client Solutions for Kinexys Digital Payments at Kinexys by J.P. Morgan, said, “We’re driven by a strong focus on building next-generation financial infrastructure backed by deep industry expertise for our clients. We are pleased to support Arab Bank in its efforts to create an onchain-backed ecosystem across its global network and we look forward to our continued collaboration in the region.”

Kinexys is a scalable blockchain deposit account network where clients can benefit from 24/7 on chain settlement all year round. The importance is that for the first time Arab Bank corporate and consumer customers can transaction outside of designated market hours and beyond the limitations of traditional market cut-off times.

Maram Al-Jazireh, Global Head of FI & Sustainability at Arab Bank, said, “Our relationship with J.P. Morgan Payments goes back a long way and cuts across a number of products and services. Our collaboration with Kinexys is the latest milestone that aligns with our ongoing focus to bring best-in-class offerings to our customer base while optimizing our services and enhancing our customer journey.”

Qatar National Bank also using Kinexys

Qatar National Bank (QNB) based out of Qatar, has integrated JPMorgan’s Kinexys blockchain platform to handle US dollar corporate payments. The Kinexys Digital Payments platform provides QNB’s corporate clients with real-time, 24/7 settlement of USD transactions.

Also using Kinexys is Saudi National Bank, First Abu Dhabi Bank, Emirates NBD, Commercial Bank of Dubai, and Bank ABC.