JPMorgan’s Blockchain-Based Cross-Border Payment Pilot with First Abu Dhabi Bank (FAB) a Success

In a significant development, JPMorgan's Onyx Coin Systems has celebrated another successful blockchain-based cross-border payment pilot project, this time with First Abu Dhabi Bank (FAB) in the Middle East. The pilot phase was executed seamlessly and received satisfactory response times, as stated in a recent announcement.
For more details visit: www.fab.com.

FAB's successful pilot comes shortly after a similar test in Bahrain, where Bank ABC had been testing the Onyx system and had even progressed to a limited launch of services. FAB has expressed its intent to continue exploring the opportunities that the system offers.

🇦🇪FAB Bank completes blockchain #payments pilot with J.P. Morgan:#UAE First Abu Dhabi Bank has announced the successful completion of its J.P Morgan’s Coin blockchain based cross border payments.@laraonzeblock. #DigitalBanking https://t.co/q8CrApFaJG
— Urs Bolt (@UrsBolt) October 10, 2023

JPMorgan's permissioned distributed ledger, Onyx, made its debut in 2020 and has been gaining momentum in recent months. Tyrone Lobban, the head of JPMorgan Onyx Digital Assets & Blockchain, revealed earlier this month that the platform processes an impressive $1 billion to $2 billion per day.

Aside from its expansion in the Middle East, Onyx has been facilitating euro-denominated payments in Europe since June. The same month witnessed the launch of interbank USD settlements in India in collaboration with a consortium of six banks.

On October 11, the first public trade was successfully settled on JPMorgan's new Tokenization Collateral Network, which also operates 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.

This success in the blockchain space follows other major financial institutions' moves into similar territories. Mastercard announced its testing of the Multi Token Network in June, and Citigroup introduced its Citi Token Services in September.

JPMorgan has been actively participating in various blockchain and fintech initiatives. Notably, it was one of the participants in Project Guardian, collaborating with DBS Bank and Marketnode. This project, concluded in June, was developed by the Monetary Authority of Singapore and the Bank for International Settlements. It involved the creation of a liquidity pool comprising tokenized bonds and deposits for use in lending and borrowing.

JPMorgan's CEO, Jamie Dimon, has recently expressed in an interview with bloomberg, a strong belief in artificial intelligence while maintaining a critical stance on cryptocurrencies, referring to them as "Decentralized Ponzi Schemes."

This latest successful pilot project with FAB underscores the growing significance of blockchain technology in the financial sector and its potential to revolutionize cross-border payments.

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