This means that 8 financial institutions in the MENA region, including the QNB, First Abu Dhabi Bank (FAB), SNB, Emirates NBD, Commercial Bank of Dubai (CBD), and Bank ABC, now live on Kinexys’ platform.
As Kinexys has been established in the MENA region for over a decade, it is committed to delivering a wider spectrum of capabilities to clients that want to address the complex challenges they face.
QNB began working with Kinexys Digital Payments (KDP), a deposit ledger and payment rail, as its blockchain payment system for USD corporate flows, using it for 24/7 settlement, facilitating and automating on-demand multi-currency international payments. Through this collaboration, QNB addresses the complex challenges of the industry for commercial settlements, including cross-border payments and liquidity funding needs.
Additionally, SNB also went live with KDP to incorporate real-time programmable payments in its treasury. Leveraging the collaboration, the bank will be able to program the moving of funds across its various branches and discharge treasury payment obligations without cut-offs on a 24/7 basis. SNB intends to roll out the feature to select corporate clients in phases, allowing them to utilise the blockchain platform for cross-border transactions.
Other recent mandates include the integration of the Kinexys Liink app Confirm into CBD’s corporate banking portal and mobile app, which will offer CBD’s clients cross-border payment flows as a result of faster, more secure account validation. The bank’s rollout of the Confirm app will focus on India and the US.
Moreover, FAB completed a programmable payments pilot through KDP in 2024, enabling transactions to be triggered at specific times or events. Additionally, Bahrain’s Bank ABC introduced faster cross-border transactions to specific corridors for corporate clients utilising KDP in 2023. This enabled cross-border commercial transactions to be executed between Bahrain and US corridors nearly instantly, atomically and with certainty.
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