Bahrain’s Bank ABC Utilizing JPMorgan’s Onyx Blockchain for Cross-Border Payments

Bahrain-based Bank ABC is set to implement JPMorgan’s Onyx Coin Systems for blockchain-based cross-border payments in a limited launch. This new service aims to lower costs and decrease settlement times compared to traditional payment methods.

Initially, Bank ABC will facilitate transactions in U.S. dollars involving Bahrain, the United States, the United Kingdom, Singapore, and Hong Kong. The partners plan to expand to additional locations and include transactions in euros. Moreover, there are plans in progress for programmable payments.