Qatar National Bank Group adopts J.P. Morgan's Kinexys digital payment system

BlockBeats News, September 29, according to Bloomberg, one of the largest financial institutions in the Middle East, Qatar National Bank Group, has switched to using JPMorgan's Kinexys digital payment system to handle its Qatar-based corporate dollar banking business, with speeds as fast as a few minutes and available 24/7.

JPMorgan launched the Kinexys network in 2019, currently processing $3 billion worth of transactions per day. Although the transaction volume continues to grow, it still represents only a small fraction compared to the approximately $100 trillion in total transactions processed by the bank's payment department each day. As the world's largest dollar clearing bank, JPMorgan has been leveraging its extensive correspondent banking network to expand the platform's scale. Naveen Mallela, Global Co-Head of JPMorgan's Kinexys, stated in an interview that by opening up the Kinexys digital payment system to financial institutions, banks can reach more institutions that may not be their direct customers.