Bahrain-based Bank ABC is partnering with JP Morgan and the Central Bank of Bahrain (CBB) to introduce a blockchain-based cross-border payment service, aiming to expedite settlements, reduce costs, and stimulate trade between Bahrain and the US.
Facts
- Bank ABC collaborates with JP Morgan and CBB to launch a blockchain-based cross-border payment service.
- The service allows high-value transfers between Bahrain and the US using JP Morgan’s Coin Systems.
- Coin Systems utilizes the JP Morgan Onyx blockchain to facilitate cross-border transfers and various payment types.
- The goal is to reduce settlement periods and provide cost-effective international transfer options.
- Bank ABC also partnered with CBB to integrate the service into Bahrain’s national payments infrastructure.
- The initiative aligns with CBB’s vision to enhance financial services through innovation.
- Bank ABC introduces ABC Trade, a cloud-based platform in collaboration with Komgo, connecting corporate clients with a trading suite.
