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HomeBankingBahrain’s Bank ABC taps JP Morgan for blockchain-based cross-border payment service

Bahrain’s Bank ABC taps JP Morgan for blockchain-based cross-border payment service

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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.

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