As part of the Central Bank of Bahrain’s (CBB) vision to improve customer experience for safe and efficient settlement solutions, the CBB has announced the successful completion of a test with Onyx by J.P. Morgan’s JPM Coin System. This is a first of its kind test of JPM Coin System in the region.
The test enabled Bank ABC to initiate real-time payments for Aluminium Bahrain (ALBA) to benefit ALBA’s counterparties in the United States, leveraging JPM Coin System, a permissioned system that serves as a payment rail and deposit account ledger, enabling participating entities to transfer US Dollars held on deposit with J.P. Morgan.
The promising outcome of the test, overseen by the Central Bank of Bahrain, signifies the Kingdom’s commitment to a significant uplift of its financial technology apparatus in the endeavor to deliver the highest quality of services and the best customer experience to continue leading the Financial Technology transformational journey in the region.
On this occasion, His Excellency the Governor of the Central Bank of Bahrain, Rasheed Al Maraj, said:
“We at the Central Bank of Bahrain are extremely pleased to announce the success of this test which aligns with our vision and strategy to continually develop and enrich the capabilities extended to the stakeholders within our financial services sector in the Kingdom using advanced and leading emerging technologies. Through our work with ALBA, Bank ABC and Onyx by J.P. Morgan, we aspire to address and eliminate the inefficiencies and pain-points which exist today in the traditional cross-border payments arena.”
Ali Moosa, Vice Chairman and Senior Country Officer, J.P. Morgan Bahrain added saying
“Onyx by J.P. Morgan is committed to leading the buildout of next generation clearing and settlement infrastructures and we are delighted to work with a leading central bank like CBB and an innovation-focused institution in Bank ABC to lead this project in the region. The completed test with ALBA and Bank ABC will help inform further development of JPM Coin Systems for future use by our correspondent banking partners.”
Featured image credit: Edited from Unsplash
