Bahrain’s Bank Using Onyx For Cross-Border Payment
Bahrain-based Bank ABC will launch a blockchain-based cross-border payment service using JPMorgan’s Onyx Coin Systems, aiming to be more cost-effective and reduce settlement times. The service will initially use the US dollar for transactions involving Bahrain, the US, the UK, Singapore, and Hong Kong, with plans to expand to more locations and transactions with the euro.
Onyx Coin Systems has launched a new service, JPM Coin, which enables cross-border commercial transactions between Bahrain and the US. The service was developed in collaboration with the Central Bank of Bahrain and used in a trial in January 2022 to settle payments between Aluminium Bahrain and its U.S. counterparties through Bank ABC. This marks the first partnership with JPMorgan’s blockchain service in the Middle East. Onyx has also partnered with six Indian banks for U.S. dollar settlement and with Siemens for euros settlement.
(With inputs from Shikha Singh)
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