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Bahrain-based Bank ABC has partnered with JPMorgan&#8217;s Onyx Coin Systems to launch a blockchain-based cross-border payment service.



This new offering promises to be more cost-effective and efficient than traditional solutions, reducing settlement times. Initially, Bank ABC will use the U.S. dollar for transactions involving Bahrain, the United States, the United Kingdom, Singapore, and Hong Kong.



However, the partners plan to expand the service to include more locations and transactions using the euro. Additionally, programmable payments are currently in development. This service comes after two years of experimentation and testing.



In this regard, Global head of Onyx Coin Systems Naveen Mallela said, &#8220;This enables cross-border commercial transactions to be executed between Bahrain and U.S. corridors instantly, atomically and with certainty.&#8221;



In a joint effort with the Central Bank of Bahrain (CBB), a new service was created and tested in January 2022. The trial utilized JPM Coin to settle payments between Aluminium Bahrain and their U.S. counterparts through Bank ABC.



This partnership marks Bank ABC as the first in the Middle East to utilize JPMorgan&#8217;s blockchain service. Earlier this year, Onyx also partnered with six Indian banks to offer USD settlement and with Siemens for settlement in euros. JPM Coin was launched in 2020.



Bahrain has been actively modernizing its financial system in recent years. In March 2022, Binance was granted a license in the kingdom, making it the first international crypto exchange member of the Cooperation Council for the Arab States of the Gulf. It has also partnered with EazyPay to offer retail payment services in Bahrain, although it is unclear if the service is still available.

Bank ABC of Bahrain

Blockchain

Bank ABC in Bahrain Begins To Use JPMorgan’s Onyx blockchain

The Bahrain Telecommunication Company, Batelco, collaborated with Ericsson to deploy the Ericsson Customer Acceptance (ECA) platform, an enterprise blockchain-based solution for the automated collection of acceptance records upon fulfillment of agreed project deliverables.



In a press release, Ericsson elaborated that its acceptance platform decreases the time spent on acceptance-related activities per site by up to 42%, therefore, it accomplishes faster time-to-market with accuracy.



&#8220;ECA also simplifies the process by providing a single interface for submitting and approving acceptance documents and displaying the real-time status of every acceptance item submitted to the platform. Combined with other services and software capabilities, ECA also helps reduce CO2 emissions by removing the need for on-site customer visits to complete the acceptance process,&#8221; Ericsson added.



Batelco General Manager Technology Rashed Mohamed said Batelco will be the first company in Bahrain that applies the first telecommunication service, adding the blockchain offers the integrity of acceptance documentation and enables transparency and traceability between the parties involved.



Meanwhile, Head of Ericsson GCC at Ericsson Nicloas Blixell pointed out that the ECA targets providing speed, accuracy, sustainability, and efficiency to the operations between Ericsson and our customers. It enhances trust, adds immutability and security, and provides full traceability end-to-end, looking forward to implementing such blockchain-based solutions to drive innovation and customer satisfaction.

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