Emirates NBD Partners with J.P. Morgan to Revolutionize Cross-Border Payments

• Emirates NBD partners with Kinexys Liink to enhance security and efficiency in payments.
• The collaboration uses blockchain for real-time account validation and fewer payment delays.
• Emirates NBD pioneers blockchain adoption, improving cross-border payment accuracy and speed.

Emirates NBD, a popular banking group in the MENAT region, has disclosed a partnership with J.P. Morgan’s innovative platform Kinexys Liink, a peer-to-peer data-sharing network. By utilizing the ‘Confirm’ application, Emirates NBD aims to provide more secure cross-border payments that are efficient in today’s rapidly changing world. This will considerably enhance the current payment efficiencies for Accounts in the UAE on the Kinexys Liink network.

Kinexys Liink is another blockchain solution that provides a means to verify customer account details worldwide before making any payments. As a result of this partnership, Emirates NBD will facilitate online account validation for all accounts from the UAE. This will help eliminate unnecessary expenses due to delays and the returns that accompany incorrect or outdated account information. It will also help manage operational costs and improve the throughput rates of cross-border transactions.

Enhancing Payment Security

Regarding payment processing, the adoption of the Kinexys Liink by Emirates NBD in its banking sector will bring a significant difference. The ‘Confirm’ application ensures that payments are directed to the correct owners by utilizing blockchain technology. This will be beneficial in terms of time saved to resolve payment issues, making the process faster and more secure for payments to reach the intended recipient. This move aligns with Emirates NBD’s ongoing efforts to enhance and innovate financial services in the UAE and beyond.

The adoption of blockchain by Emirates NBD highlights the bank’s commitment to driving innovation within the financial sector. Such a partnership with Kinexys Liink places Emirates NBD at the forefront of banks in the region, supporting blockchain to ease cross-border payments. It means that the bank is prepared and ready for future opportunities as the networks evolve.

Related: VARA Compliance Forces Binance FZE Delisting of XMR, ZEC, Fiat in UAE

Anith Daniel, Group Head of Transaction Banking Services at Emirates NBD, spoke optimistically about the partnership. He highlighted the fact that integrating with Kinexys Liink would create tangible value for banks within the network, through better payment security and efficiency. Daniel also pointed out that in the future, as the network grows, this would create more opportunities for both Emirates NBD and the partners involved.

Related: Dubai Just Made It Easier to Own a Piece of the City with Crypto

Naveen Mallela, the Global Co-Head of Kinexys by J.P. Morgan, reportedly said that he was delighted to note that Emirates NBD joined the network. He indicated that the partnership would also improve the speed, security, and reliability of cross-border payments for the entire region. With this move, Emirates NBD remains at the forefront of innovation and payment protection within the MENAT region.