Faster Settlements for Corporate Payments
According to sources, QNB integrated Kinexys to enable its business clients to settle dollar payments within minutes, instead of days. Kamel Moris, Executive Vice President of Transactional Banking at QNB, described the change as a direct response to client expectations. “Now we can have a 24/7 service window, we can guarantee payments as fast as in two minutes,” Moris said.
This change shows how large institutions are now embedding blockchain into conventional payment systems. Traditional modes often restrict operations to weekdays and carry delays in clearing cross-border transactions. By using Kinexys, QNB offers a constant service window, giving treasurers tools to manage liquidity more efficiently.
Role of Kinexys in the Region
JPMorgan launched Kinexys in 2019 and has expanded steadily, processing around $3 billion in daily transactions, a small fraction of the bank’s broader payments volume. Naveen Mallela, Global Co-Head of Kinexys at JPMorgan, stated that the system is “rewiring how multi-currency clearing and settlement infrastructure operates in the region.”
Regional banks have shown rising interest in blockchain infrastructure, particularly as Gulf economies push financial modernization strategies. QNB joins other large lenders, including Saudi National Bank and Commercial Bank of Dubai, that have already connected to Kinexys. These adoptions indicate a broader effort to strengthen the financial sector beyond oil‑linked revenues and attract global investment capital.
The platform’s compatibility with JPMorgan’s foreign exchange services adds further utility. By allowing on‑chain settlement in U.S. dollars, euros, and pounds, it reduces settlement risk across currencies. This cross functionality supports growing demand among treasurers for flexible multi‑currency payment options.
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Institutional Adoption
The decision by QNB to rely on Kinexys is also viewed as a milestone for institutional blockchain adoption in the Middle East. For more than a decade, banks worldwide experimented with distributed ledger systems, but only a few platforms scaled commercially. QNB’s adoption shows the transition of a leading regional bank entrusted to core fiat payment shifts to blockchain infrastructure.
Analysts note that announcements of bank‑led blockchain integrations have historically influenced trading activity in crypto markets. Ethereum, which supports much of decentralized finance, has often seen increased trading volumes following similar news. Historical patterns show temporary rises of 10–15 % in daily volumes after major banking integration announcements.
Moreover, JPMorgan’s role as the world’s largest dollar strengthens the platform’s credibility. Its Kinexys network has processed more than $1.5 trillion in transaction volume since launch. This scale supports trust among regional banks seeking reliable cross‑border settlement mechanisms.
The Gulf region’s fast adoption of digital financial infrastructure is not limited to banking operations. It also shows competition among institutions to offer faster and cheaper settlement solutions for corporate clients. By leveraging blockchain, banks position themselves to meet global capital demands and compete with international firms.
Meanwhile, Qatar National Bank’s adoption of JPMorgan’s Kinexys Digital Payments system is a change in corporate banking infrastructure. The move ensures faster settlements, with payments processed in as little as two minutes. By joining other Gulf institutions on the platform, QNB indicates the readiness of enterprise blockchain systems in conventional financial operations.