South Korea's KB Kookmin Bank Joins JPMorgan's Kinexys Blockchain for Faster Cross-Border Payments
KB Kookmin Bank, South Korea's largest banking group, is set to launch a new international corporate payment service using JPMorgan's Kinexys blockchain platform. This move marks the first time a South Korean institution has used Kinexys for faster and more efficient cross-border payments.
The new service will initially support US dollar transfers and target companies involved in import and export activities, with a focus on ten key trade markets: the USA, Singapore, Saudi Arabia, the UAE, Qatar, Bahrain, India, Thailand, South Africa, and South Korea. The platform is expected to reduce reliance on correspondent banks and shorten settlement times, allowing companies to access funds faster.
Kinexys has already processed transactions totaling over $4 trillion, with billions of dollars in operations flowing through it daily. The platform offers high security, automated payment execution, and near-24/7 settlement capabilities, making it attractive to banks and large corporations.