The largest bank in the United Arab Emirates has successfully finished testing a blockchain platform developed by JPMorgan, confirming its effectiveness in cross-border transfers.
The Coin Systems DLT solution from American banking conglomerate JPMorgan has been tested by the major financial institution in the Middle East, First Abu Dhabi Bank (FAB). According to an official press release, the blockchain application works smoothly.
The FAB spokesperson said that cross-border transfers with Coin Systems are almost instant, while the use of digital assets based on JPMorgan’s Onyx private distributed ledger ensures their fixed value. In this way, the blockchain platform has demonstrated the capabilities and potential of the technology as part of improving cross-border payment solutions. FAB will continue to explore the opportunities offered by the JPMorgan system.
Recently Coin Systems was tested by the Bahrain branch of the Arab Banking Corporation. Tools based on JPMorgan’s Onyx blockchain network are also used to process payments in euros and for interbank settlements in U.S. dollars in India.
In addition, JPMorgan plans to issue deposit tokens for interbank settlements, and its new DLT solution called the Tokenized Collateral Network (TCN) allows investors to tokenize assets and use them as collateral.
