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Abu Dhabi, 10 October 2023: First Abu Dhabi Bank (FAB), the UAE’s largest bank and one of the world’s largest and strongest financial institutions, is pleased to announce 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's achievement through collaboration with Onyx by J.P. Morgan, is a demonstration of the bank's commitment to leveraging cutting-edge technologies to provide innovative solutions to its clients around payments space and particularly cross border payments domain. Looking ahead, FAB’s Global Transaction Banking business plans to explore further opportunities using J.P. Morgan’s Coin Systems.