QNB Joins JPMorgan’s Blockchain Payment Network

Qatar National Bank (QNB) has adopted JPMorgan’s blockchain-based payment network, Kinexys, in a move designed to modernize its US dollar settlement infrastructure and accelerate cross-border transactions.

The system enables payments to be processed in as little as two minutes, a sharp improvement from the delays often seen in traditional clearing mechanisms.

Operating on a 24/7 basis, Kinexys removes constraints tied to banking hours, allowing QNB and its clients to move funds at any time.

By bypassing legacy intermediaries, the platform allows direct settlement of dollar-denominated transactions between participating banks. The result, QNB said, is greater transparency, reliability, and efficiency, particularly for multinational corporations and regional businesses with high demand for US dollar liquidity.

QNB began integrating Kinexys earlier in 2025, making it one of the first financial institutions in the Middle East and North Africa to deploy JPMorgan’s blockchain rail for payments. The initiative forms part of the bank’s wider digital transformation strategy, aimed at enhancing client services while strengthening the region’s financial infrastructure.

For corporate clients in Qatar, the adoption means faster settlement, improved liquidity management, and reduced operational risk. Internally, QNB can manage its dollar positions more dynamically across branches and treasury operations.

The development also marks another step in JPMorgan’s broader blockchain strategy. Alongside Kinexys, the bank has launched tokenised deposit accounts, piloted USD deposit tokens on its Base blockchain, and recently rolled out a sterling-denominated blockchain deposit product.