EzaseThailand KASIKORNBANK, in partnership with J.P. Morgan, has introduced Project Carina, a new initiative aimed at accelerating cross-border payments through blockchain technology, according to I-RYT9.
Kumenyezelwe Imali 20/20 Asia in Bangkok, the project integrates KASIKORNBANK’s Quarix blockchain with J.P. Morgan’s Onyx platform to significantly enhance the efficiency of international transactions.
Project Carina is set to utilise both Q-money, a Thai Baht-based digital currency, and JPM Coin, which represents U.S. dollar deposits.
This collaboration marks a step forward in using blockchain to streamline financial transactions by reducing transfer times from the typical 72 hours to just five minutes.
The system is also designed to operate continuously, allowing transactions to be made 24 hours a day, every day of the year.
Additionally, the initiative aims to cut costs, increase transparency, and improve productivity for corporate customers.
The integration of smart contract technology is expected to enhance traceability and monitoring of transactions.
The first pilot transaction under Project Carina is scheduled for May 2024, where funds denominated in Q-money will be transferred to a U.S. dollar account held at J.P. Morgan.
Featured image credit: RYT9
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- Source: https://fintechnews.sg/95061/money-20-20-asia-2024/kasikornbank-j-p-morgan-set-to-reduce-cross-border-payment-times-to-minutes/
