JPMorgan's Onyx Coin Systems has successfully completed a blockchain-based cross-border payments pilot project with First Abu Dhabi Bank (FAB). The pilot follows a similar test in Bahrain with Bank ABC. Onyx's permissioned distributed ledger has been gaining momentum and currently processes between $1 billion and $2 billion a day. The platform has expanded its usage in the Middle East and has been employed for euro-denominated payments in Europe and interbank USD settlements in India.
JPMorgan Completes Cross-Border Payments Pilot with First Abu Dhabi Bank
JPMorgan's Onyx Coin Systems has successfully completed a blockchain-based cross-border payments pilot project with First Abu Dhabi Bank (FAB). The pilot follows a similar test in Bahrain with Bank ABC. Onyx's permissioned distributed ledger has been gaining momentum and currently processes between $1 billion and $2 billion a day. The platform has expanded its usage in the Middle East and has been employed for euro-denominated payments in Europe and interbank USD settlements in India.
The pilot phase with FAB was executed seamlessly with satisfactory response times, according to a statement. FAB mentioned that it is continuing to explore the opportunities the Onyx system offers. Onyx Coin Systems, launched in 2020, has been utilized for various cross-border payment initiatives worldwide.
In addition to the Middle East, Onyx has been used for euro-denominated payments in Europe since June. It also launched interbank USD settlements in India with a consortium of six banks. On Oct. 11, the first public trade was settled on JPMorgan's new Tokenization Collateral Network, which also runs on the Onyx blockchain. Money market fund shares were tokenized and deposited at Barclays Bank as security for a derivatives exchange between JPMorgan and BlackRock.
JPMorgan's Onyx blockchain has been gaining traction in the financial industry, with a range of initiatives and collaborations. The platform's success in cross-border payments and tokenization projects signals the growing adoption of blockchain technology for enhancing efficiency and security in financial transactions.
(DEREK ANDERSEN, COUNTELEGRAPH, 2023)