Qatar National Bank Adopts JPMorgan's Kinexys for Dollar Payments

According to BlockBeats, Qatar National Bank Group (QNB Group), one of the largest financial institutions in the Middle East, has adopted JPMorgan's Kinexys digital payment system for its dollar corporate payments in Qatar. The system offers rapid processing times, completing transactions in minutes and operating 24/7. JPMorgan launched the Kinexys network in 2019, and it currently handles transactions worth $3 billion daily. Despite this growth, the volume remains a small fraction of the bank's payment department, which processes approximately $10 trillion in total daily transactions. As the world's largest dollar clearing bank, JPMorgan has been leveraging its extensive correspondent banking network to expand the platform's reach. Naveen Mallela, Global Co-Head of JPMorgan Kinexys, stated in an interview that by opening the Kinexys digital payment system to financial institutions, the bank can engage with entities that may not be its direct clients.