Bahrain’s Bank ABC Collaborates with JPMorgan’s Onyx Blockchain for Efficient Cross-Border Payments
Bahrain-based Bank ABC has announced its partnership with JPMorgan’s Onyx Coin Systems to offer blockchain-powered cross-border payment solutions in a soft launch. This collaboration aims to deliver more cost-effective and faster settlement times compared to traditional methods.
Breaking Traditional Barriers
Initially, Bank ABC will utilize the USD for transactions involving Bahrain, the United States, the United Kingdom, Singapore, and Hong Kong. However, the plan includes expanding to more locations as well as incorporating the euro currency. Additionally, the bank is actively exploring programmable payments.
“This enables cross-border commercial transactions to be executed between Bahrain and US corridors instantly, atomically and with certainty,”
stated Naveen Mallela, the Global Head of Onyx Coin Systems, emphasizing the seamless transaction experience.
Years of Collaboration
The development of this service has been the result of two years of collaboration between Bank ABC and JPMorgan’s Onyx Coin Systems. The Central Bank of Bahrain (CBB) has played a pivotal role in overseeing the service’s trial run in January 2022, where JPM Coin enabled payments between Aluminum Bahrain and its U.S. counterparts through Bank ABC.
Bank ABC is the first partner with JPMorgan’s blockchain service in the Middle East, underlining the bank’s commitment to embracing innovative financial technology. Onyx Coin Systems has also partnered with several Indian banks for a pilot project, providing USD settlement services, and collaborated with the German conglomerate Siemens for euro settlement. JPM Coin, the native cryptocurrency of the JPMorgan blockchain, was released in 2020.
“Bahrain’s ABC Bank goes live with Blockchain payments rail from JP Morgan After two years of trials!”
tweeted Lara Abdul Malak, highlighting the momentous event for Bahrain’s financial sector.
Modernizing Bahrain’s Financial Landscape
Bahrain has been diligently modernizing its financial ecosystem in recent years. As evidence of this commitment, Binance, a leading cryptocurrency exchange, obtained a license in the country in March 2022, surpassing Dubai as the first member of the Cooperation Council for the Arab States of the Gulf to license an international crypto exchange. Binance also partnered with EazyPay to provide retail payment services in Bahrain, although the availability of this service is currently unknown.
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Editor’s Notes
In the ever-evolving landscape of cryptocurrency and blockchain technology, collaborations like the one between Bank ABC and JPMorgan’s Onyx Coin Systems showcase the potential for transforming cross-border payments. By leveraging the power of blockchain, these financial institutions can offer faster, more secure, and cost-effective solutions to their customers.
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