Qatar's Leading Bank Integrates with JPMorgan's Blockchain Payment Network
Qatar National Bank (QNB), the largest financial institution in the Middle East, has officially adopted JPMorgan’s Onyx blockchain-based payments platform, Kinaxis, for its US dollar corporate flows. This strategic move aims to revolutionize cross-border transactions, bringing on-chain settlement capabilities directly to clients within Qatar. The implementation went live in March 2025, marking a significant step towards modernizing international payments.
Enhancing Speed and Efficiency in USD Flows
The integration of Kinaxis allows QNB to facilitate US dollar payments around the clock, eliminating traditional business-hour cutoffs that often delay transfers. This 24/7 operational capability means some transactions can now settle in as little as two minutes, a drastic improvement from the days it previously took. The platform is designed to reduce reconciliation complexities and offer programmable payment options, enabling payments to trigger automatically upon meeting predefined conditions. This advancement promises faster, more efficient, and more transparent corporate treasury operations, addressing historical timing and liquidity friction points.
A Growing Regional Trend Towards Blockchain Payments
QNB's adoption of Kinaxis signals a broader embrace of blockchain technology in the Middle East and North Africa (MENA) region. JPMorgan reports that eight of the region's largest lenders are now live on the platform, including Saudi National Bank alongside QNB. This regional momentum underscores a concerted effort to provide corporate treasuries with swifter and more adaptable payment solutions. Similar initiatives have been observed elsewhere, with India's Axis Bank also recently rolling out 24/7 US dollar clearing via JPMorgan, demonstrating a global trend among major banks to leverage blockchain for enhanced payment capabilities for their corporate clientele.
