As part of its ongoing efforts to enhance its transaction banking services and payment capabilities, Arab Bank plc (“Arab Bank”), a leading bank in MENA, announced it has leveraged the Kinexys Digital Payments network from Kinexys by J.P. Morgan, the firm’s industry-leading blockchain business unit, bringing Arab Bank’s diverse ecosystem across the Middle East on to blockchain payment rails.
The collaboration will enable selected branches of Arab Bank to use Kinexys’ blockchain-based payment rail to explore selected use cases related to cross-border payments for its customers, liquidity management and operational efficiency, in line with the bank’s broader digital transformation agenda.
Kinexys Digital Payments, a scalable Blockchain Deposit Account network which enables 24/7/365 onchain settlement , allows Arab Bank’s corporate and consumer banking customers to conduct transactions outside of designated market hours and beyond the limitations of traditional market cut-off times.
Maram Al-Jazireh, Global Head of FI & Sustainability at Arab Bank, said, “Our relationship with J.P. Morgan Payments goes back a long way and cuts across a number of products and services. Our collaboration with Kinexys is the latest milestone that aligns with our ongoing focus to bring best-in-class offerings to our customer base while optimizing our services and enhancing our customer journey.”
Akshika Gupta, Global Head of Client Solutions for Kinexys Digital Payments at Kinexys by J.P. Morgan, said, “We’re driven by a strong focus on building next-generation financial infrastructure backed by deep industry expertise for our clients. We are pleased to support Arab Bank in its efforts to create an onchain-backed ecosystem across its global network and we look forward to our continued collaboration in the region.”
