Bahrain Central Bank and JPMorgan will test blockchain for international payments – Bits Media

Bahrain Central Bank announced cooperation with American bank JPMorgan Chase and Arab Banking Corporation BSC (Bank ABC), to test the blockchain for international settlements.

Bahrain Central Bank reported, what together with these banks will be A pilot project was launched to introduce a blockchain -based solution for instant cross -border payments. They will be carried out in American dollars between buyers and suppliers of Bahrain and the USA.

During testing, banks plan to expand experiments with the latest technologies for using digital currencies of central banks. Bahrain Manager Rashid al-Maraj (Rasheed Al-Maraj) said, that interacting with JPMorgan and Bank ABC, The Central Bank seeks to increase the efficiency of payments and solve problems, arising from international calculations.

Onyx, JPMorgan Bank unit, specializing in the development of blockchain, also join the project. Deputy Chairman of the JPMorgan Department for wholesale payments Ali Musa (Ali Moosa) added, that ONYX is working to create a new generation infrastructure for clearing and calculations, Therefore, cooperation with the Central Bank of Bahrain will become an important stage in the history of the development of JPMorgan.

Note, what in 2017 The year JPMorgan launched the Interbank Information Network Information Network Interbank (IIN) For quick data exchange, And in October 2020 year she received a new name - Liink.

JPMorgan actively contributes to the introduction of blockchain in the financial industry, collaborating with banks from different countries. So, At the end of April, JPMorgan announced partnership with the largest bank of Singapore DBS and the Temasek investment company for international payments and interbank transactions using blockchain. In February, the State Bank of India (SBI) also began to use Liink technology, To reduce operating costs and increase the speed of payments.