KB Kookmin Bank said it will roll out a cross-border corporate payment service in August using Kinexys, JPMorgan’s blockchain payment network. According to the report cited by Odaily, the bank will become the first financial institution in South Korea to apply the network to import and export settlement for corporate clients. The initial phase will support U.S. dollar remittances and cover 10 countries, including the United States, Saudi Arabia, Qatar and the United Arab Emirates. The bank expects the service to reduce payment times across time zones involving the U.S. and the Middle East. The update was attributed to Dailyenews.
KB Kookmin Bank said it will launch a cross-border corporate payment service in August based on Kinexys, JPMorgan’s blockchain payment network.
According to Dailyenews, the bank will become the first financial institution in South Korea to use the network for settlement services serving import and export companies. The service will initially support U.S. dollar remittances and cover 10 countries, including the United States, Saudi Arabia, Qatar and the United Arab Emirates. The bank expects it to shorten cross-time-zone payment processing involving the U.S. and the Middle East.
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