FAB completes pilot testing with J.P. Morgan’s Coin System

By Delisha Fernandes

First Abu Dhabi Bank (FAB), has announced the successful completion of pilot testing with J.P. Morgan’s Coin Systems for blockchain-based cross-border payments.

Coin systems support digital solutions on proprietary blockchain network to enable instant transfer and settlement of value on a permissioned distributed ledger.  The pilot phase, executed seamlessly and within satisfactory response times, have demonstrated the capabilities and potential of blockchain technology in enhancing cross-border payment solutions.

FAB, the UAE’s largest bank and one of the world’s largest financial institutions, offers an extensive range of tailor-made solutions, products and services, to provide a customized banking experience. Through its strategic offerings, it aims to meet the banking needs of customers across the world via its market-leading Corporate and Investment Banking and Personal Banking franchises.

J.P. Morgan’s Coin Systems team seeks to help address the complex challenges of cross border payments, simplify clients’ liquidity funding needs, and offer next generation corporate treasury services.

FAB’s achievement through collaboration with Onyx by J.P. Morgan, is a demonstration of the bank’s commitment to leveraging technologies to provide innovative solutions to its clients around payments space and particularly cross border payments domain. FAB’s Global Transaction Banking business plans to explore further opportunities using J.P. Morgan’s Coin Systems.