The soft-launched service seeks to enable the bank’s clients to complete high-value transfers between Bahrain and the US through JP Morgan’s Coin Systems, which sits upon the JP Morgan Onyx blockchain system which was launched in 2020.
Coin Systems supports the US bank’s product solution, JPM Coin, which through a permissioned set-up, enables cross-border transfers through its payment rail and deposit account ledger. In this, it seeks to overcome the traditional hurdles of international payments, namely liquidity funding, and can support various payment types including Delivery versus Payment (DvP), Payment versus Payment (PvP) and machine-to-machine payments.
