Onyx by JP Morgan’s JPM Coin System Used in a Regional First Test by the Central Bank of Bahrain

The Central Bank of Bahrain (CBB), the first of its kind in the region, has completed testing with Onyx by JP Morgan’s JPM Coin system, as the Central Bank of Bahrain seeks to improve customer experience for secure and efficient settlement solutions.

Test enabled Bank ABC To initiate real-time payments for Bahrain aluminum (ALBA) for the benefit of ALBA counterparties in the United States, leveraging the JPM Coin System, an authorized system that serves as a payment path and deposit ledger, enabling participating entities to convert US dollars deposited with JP Morgan. The promising result of the test, which was supervised by the Central Bank of Bahrain, demonstrates the Kingdom’s commitment to improving its financial technology devices in an effort to provide the highest quality of services and the best customer experience to continue to lead the transformational financial technology. trip in the area.

On this occasion, His Excellency the Governor of the Central Bank of Bahrain, Rasheed Al MarajHe said: “We at the Central Bank of Bahrain are pleased to announce the success of this test, which is in line with our vision and strategy of continuous development and enrichment of the extended capabilities of stakeholders in our financial services sector in the Kingdom using advanced and cutting-edge technologies. Leading emerging technologies. Through our work with ALBA and Bank ABC and Onyx by JP Morgan, we aspire to address and eliminate the shortcomings and weaknesses that exist today in the arena of traditional cross-border payments.”

CEO of Alba, Ali Al-Baqali He said, “We at ALBA are very pleased to participate in and contribute to the successful testing of this cutting-edge technology, which we are certain will improve our cash management activities. ALBA has been at the forefront of leveraging innovative, secure and reliable new financial solutions that provide smooth speed and efficiency in our operations. Finance. We are also proud to be part of this pioneering initiative in the Kingdom of Bahrain and to work with close and strong banking partners under the auspices of the Central Bank of Bahrain.”

Sael Al WararyBank ABC Group Executive Vice President commented: “We are extremely excited to achieve this historic milestone in collaboration with the Central Bank of Bahrain, Alba and Onyx by JPMorgan. As part of our mission to create the ‘Bank of the Future’, we have been able to leverage Bank ABC’s digital banking capabilities,​ ​Easy to facilitate cross-border payments using our APIs combined with JP Morgan’s blockchain network.Beta tested with US dollars, this technology will allow us to scale our existing offerings and offer more currencies in the future.We envision major changes in around the world with digital currencies, which will play an important role in enabling future digital economies. We remain steadfast in our role as a major contributor to supporting Bahrain’s ambition to lead FinTech innovation in the region.”

But MoussaVice Chairman and Senior Regional Officer, JP Morgan Bahrain said: “Onyx by JP Morgan is committed to spearheading building the next generation of clearing and settlement infrastructures, and we are thrilled to work with a leading central bank such as the Central Bank of Bahrain and a bank focused on innovation. An institution at Bank ABC to lead This project is in the region. The completed testing with ALBA and Bank ABC will help inform further development of the JPM Coin systems for future use by our correspondent banking partners.”

  • Frances Bennell

    Francis is a junior journalist with a BA in Classical Civilization, with a special interest in North and South America.

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