Qatar National Bank Group (QNB), one of the largest banks in the Middle East, adopted the JPMorgan, Kinexys blockchain platform, to process corporate payments in Qatar, according to the Bloomberg report on Monday.

The switch means a departure from the restrictions of customary banking infrastructure, in which cross -border payments are circumscribed to weekdays and can take days.

In Bloomberg interviewKamel Moris, Vice President of Transaction Banking at QNB, described development as a “treasurer’s dream”, pointing to the 24/7 service window with blockchain. “We can guarantee payments only two minutes,” he added.

Cointelegraph contacted QNB to get more information, but did not receive a response through the publication.

Kinexys processes $ 3 billion in daily transactions

According to the announcement, Kinexys processes around $ 3 billion in daily transactions. Although this number looks impressive, it is only a fraction of what JPMorgan supports, which costs about $ 10 trillion in daily payments.

The platform uses the permissible blockchain system that allows participating customers to transfer funds maintained to the deposit in JP Morgan in a real way.

Unlike the network allowing, the acceptable blockchain integrates the access control layer. This additional security layer allows network participants to perform actions that they can perform.

In June, Kinexys collaborated with Finance with Bainlink and ONDO in order to complete the settlement of delivery compared to payment (DVP) between a public test test and a permissible payment network.

The test included the consent of Kinexys Digital Payements and TestNet Ond Chain, which focuses on tokenization of assets in the real world (RWA).

Related: China is opening the Shanghai Digital Juan Center to obtain cross -border Blockchain services

CEO

While Kinexys JPMorgan processes payments from US dollars, JPMORGAN CEO Jamie Dimon said in an interview with CNBC on September 23 that he “does not worry” about Stablecouins, which indicates that he does not consider these tokens as a threat to the bank’s business model.

Despite this, Dimon said that banks directors must be at the peak of development and understand, indicating regulatory development and sector development.

RWA.XYZ data showed that Stablecoin net inflow increased by more than 320% in the third quarter, with the Tether USD and Circle USDC fee.

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