QNB Joins JPMorgan’s Blockchain Network to Speed Up Dollar Payments

Qatar National Bank (QNB), the country’s largest lender, has adopted JPMorgan’s Kinexys Digital Payments platform to process U.S. dollar corporate transactions.

This makes it the first bank in Qatar to extend its network into blockchain for real-time USD settlements, eliminating the multi-day delays common in traditional systems.

JPMorgan’s Expanding Network

A Bloomberg report shows that the Kinexys system allows corporate clients to execute transactions in minutes, even on weekends or outside business hours. Kamel Moris, QNB’s Executive Vice President for Global Transaction Banking, described this as “a treasurer’s dream,” noting that transaction timeframes can be reduced to just two minutes, a major advantage for companies operating with tight liquidity.

It also eliminates many of the inefficiencies in conventional payment networks by directly programming deposit accounts onto blockchain rails. These rails reportedly process $3 billion in daily payments across connected banks, making it easier for treasury teams to automate liquidity flows.

JPMorgan has been steadily scaling Kinexys across the Middle East. The platform builds on the bank’s earlier blockchain initiatives, including the Onyx division and projects tied to Quorum, its enterprise blockchain.

For the financial institution, QNB’s entry adds to a growing list of regional adopters. Companies such as Emirates NBD and Saudi National Bank have already joined the network, showing how Gulf lenders are prioritizing speed, transparency, and always-on settlement options.

What This Means for the Banking Industry

Studies show that local corporate payments depend on correspondent banks, with the structure causing delays due to time zone variance, business-hour restrictions, and other manual checks. Kinexys, on the other hand, allows payments to move directly on blockchain rails, which bypasses these traditional frictions.

Large financial institutions worldwide are accelerating their use of distributed ledger technology, viewing it as a tool to simplify complex back-office processes. While banks have tested these systems for over a decade, few have been able to scale or achieve commercial viability.

Earlier this year, Reuters also announced a partnership between India’s Axis Bank and JPMorgan to extend Axis clients’ access to 24/7 dollar transfers. This collaboration allowed the firm to streamline its liquidity management and unlocked advanced treasury capabilities such as multi-bank cash concentration. The technology provides more than just speed, offering lower costs and greater transparency.

Naveen Mallela, global co-head of Kinexys, said in an interview that opening the network to such firms allows it to reach companies that are not direct clients of the bank. “This is institutional-grade scale,” he said.

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