Qatar’s Biggest Bank Joins JPMorgan Blockchain Network for Faster Payments

Qatar National Bank (QNB), the largest financial institution in the Middle East, has integrated JPMorgan's blockchain-based Kinaxis Digital Payments platform to streamline US dollar corporate transactions. The MOVE reduces settlement times from days to minutes, marking a significant leap in institutional blockchain adoption.

"Now we can have a 24/7 service window, we can guarantee payments as fast as in two minutes," said Kamel Moris, QNB's executive vice president of transactional banking. The platform's real-time capabilities contrast sharply with traditional cross-border payment systems that often require multiple business days to clear.

JPMorgan's Kinaxis, launched in 2019, already processes $3 billion daily—a fraction of the bank's $10 trillion traditional payments volume, but demonstrating blockchain's growing role in institutional finance. The network leverages JPMorgan's global correspondent banking relationships to onboard additional financial players.