Doha: QNB Group announced the successful adoption of J.P. Morgan’s Kinexys Digital Payments network for USD clearing, marking a major milestone in QNB’s cross-border payments modernisation journey.
QNB is the first Qatar-based bank to go live on Kinexys Digital Payments, the scalable blockchain deposit account network from J.P. Morgan, one of the world’s largest USD clearing banks1, for all no-deduct outbound USD clearing and settlement.
Through Kinexys Digital Payments, QNB can process USD payments with faster settlement times, delivering improved speed, reliability, and predictability of USD flows. The blockchain-based payment rails are designed to be no-deduct and aim to ensure full preservation of payment amount until reaching the final beneficiary.
The Kinexys Digital Payments network reaches the global and diverse J.P. Morgan USD clearing client base, progressively enabled for direct payouts, which enables QNB to deliver a next-generation cross-border payment experience.
Akshika Gupta, Global Head of Client Solutions for Kinexys Digital Payments, Kinexys by J.P. Morgan, said, “QNB’s movement of all no-deduct USD clearing to the Kinexys Digital Payments network is a significant moment, highlighting its commitment to forward looking innovation for itself and its clients. QNB’s adoption of Kinexys Digital Payments continues to grow, and we are delighted to continue our collaboration in the region.”
This collaboration aligns with QNB’s long-term objective of enhancing global payments capabilities and clearing efficiency, reducing reliance on multi-leg settlement paths. It also reinforces the bank’s commitment to improve client satisfaction with faster and more reliable settlements through its participation in a modern, blockchain-based correspondent banking ecosystem.
QNB is committed to providing its clients with seamless and future-ready payment solutions. The adoption of J.P. Morgan’s Kinexys Digital Payments network represents a major step in QNB’s journey to modernise cross-border payments. By leveraging blockchain technology, the Bank is enhancing the speed, transparency, and reliability of USD settlements for its clients. This milestone reflects its commitment to innovation and to delivering a seamless payment experience for customers worldwide.
QNB Group is one of the leading financial institutions in the Middle East and Africa and is ranked as the most valuable banking brand in the MEA region. Present in over 28 countries across Asia, Europe, and Africa, it offers tailored products and services supported by innovation and backed by a team of over 31,000 professionals dedicated to driving banking excellence, worldwide.
