UAE FAB bank, (First Abu Dhabi Bank), has announced the successful completion of its J.P Morgan’s Coin blockchain based cross border payments.
Coin systems support digital solutions on proprietary blockchain network to enable instant transfer and settlement of value on a permissioned distributed ledger. The pilot phase, executed seamlessly and within satisfactory response times, have demonstrated the capabilities and potential of blockchain technology in enhancing cross-border payment solutions.
FAB’s achievement through collaboration with Onyx by J.P. Morgan, is a demonstration of the bank’s commitment to leveraging cutting-edge technologies to provide innovative solutions to its clients around payments space and particularly cross border payments domain. Looking ahead, FAB’s Global Transaction Banking business plans to explore further opportunities using J.P. Morgan’s Coin Systems.
Bahrain’s ABC Bank was the first bank to actually go live with Coin System built on Onyx by J.P Morgan, after two years of piloting.