Rewiring Finance: QNB’s Blockchain Breakthrough Cuts Payment Times to 2 Minutes

Qatar National Bank (QNB) has become the first bank in Qatar to adopt JPMorgan’s Kinexys Digital Payments (KDP) blockchain platform for USD corporate transactions, marking a significant advancement in real-time, cross-border settlement capabilities. The integration, announced in March 2025, enables QNB to process corporate payments 24/7 with near-instant settlement times, a stark contrast to traditional banking systems that often require several days. By leveraging KDP, QNB addresses challenges such as liquidity constraints and inefficiencies in cross-border payments, offering clients a seamless and scalable solution.

The platform’s deployment allows QNB to manage USD corporate flows through blockchain-based deposit accounts, facilitating on-demand multi-currency transactions. Kamel Moris, Executive Vice President of Global Transaction Banking at QNB, emphasized the transformative impact: “Now we can have a 24/7 service window, we can guarantee payments as fast as in two minutes. It’s a treasurer’s dream.” This shift aligns with QNB’s broader strategy to enhance treasury operations and position itself as a leader in digital financial innovation.

JPMorgan’s Kinexys platform has seen rapid adoption across the Middle East and North Africa (MENA) region, with eight of the largest banks, including Saudi National Bank and Commercial Bank of Dubai, now utilizing its infrastructure. Naveen Mallela, Global Co-Head of Kinexys at JPMorgan, noted that the platform is “rewiring how multi-currency clearing and settlement infrastructure operates in the region,” with potential for global expansion. The Kinexys network has processed over $1.5 trillion in total transaction volume since its 2019 launch, averaging $2 billion in daily transactions.

The integration of KDP into QNB’s operations underscores JPMorgan’s broader efforts to modernize financial infrastructure. By enabling programmable payments and automated liquidity management, the platform reduces operational friction and enhances transparency. For instance, QNB can now execute time-based or threshold-triggered payments, streamlining workflows for corporate clients. Additionally, the platform’s compatibility with JPMorgan’s FX Services allows for on-chain settlement in USD, EUR, and GBP, further reducing settlement risk.

This development is part of a growing trend of institutional adoption of blockchain in MENA, driven by the need for efficiency and innovation in financial systems. JPMorgan’s expansion in the region builds on its long-standing presence and regulatory expertise, positioning the firm as a key enabler of digital transformation. With QNB and other regional banks leveraging blockchain for real-time settlements, the potential for broader adoption across global markets is evident.