Emirates NBD's strategic collaboration with Kinexys by J.P. Morgan set to enhance cross-border payment security
Through the collaboration, Emirates NBD aims to provide participating banks and financial institutions on the network with enhanced security and efficiency and offer benefits to further streamline cross-border payment flows in the United Arab Emirates (UAE). Leveraging the 'Confirm' Application, Emirates NBD, will be able to validate account information for accounts based in the UAE for participants on the 'Confirm' Application.
Kinexys Liink is offered by Kinexys by J.P. Morgan – the firm's blockchain business unit focused on groundbreaking innovation to build the next-generation of financial infrastructure utilising blockchain technology. An Application on the Kinexys Liink network, 'Confirm' enables the global validation of bank account information in advance of payment being made. By providing validation services on the 'Confirm' Application Emirate NBD will help network participants ensure that payments are routed correctly, preventing costly delays and reducing the occurrence of payment returns due to incorrect or outdated details. This will also help to control operational costs, improve straight-through processing rates, and help reduce payment delays, which could otherwise take several days to resolve, ensuring payments will reach the intended recipients quickly and efficiently.
The collaboration positions Emirates NBD as a regional pioneer in utilising blockchain technology to streamline international payments, strengthening its commitment to innovation and payment security.
Anith Daniel, Group Head of Transaction Banking Services, Emirates NBD, commented: 'We are pleased to integrate with 'Confirm' by Kinexys Liink, which positions us at the forefront of payment innovation. By leveraging a blockchain network infrastructure such as the one from Kinexys by J.P. Morgan, we are able to provide real value to banks on the network, ensuring advanced payment security and streamlined operations. As the Kinexys Liink network expands, we are excited about the future opportunities this collaboration will unlock.'
Naveen Mallela, Global Co-Head of Kinexys by J.P. Morgan, said: 'We are pleased to welcome Emirates NBD as part of the Kinexys Liink network. We are committed to developing solutions that enhance the speed, security and reliability of global cross-border payments and Emirates NBD's integration with the Kinexys Liink network helps bring these benefits to the region.'
About Emirates NBD Bank PJSC:
Emirates NBD (DFM: Emirates NBD) is a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region with a presence in 13 countries, serving over 9 million active customers. As at 31st December 2024, total assets were AED 997 billion, (equivalent to approx. USD 271 billion). The Group has operations in the UAE, Egypt, India, Türkiye, the Kingdom of Saudi Arabia, Singapore, the United Kingdom, Austria, Germany, Russia and Bahrain and representative offices in China and Indonesia with a total of 848 branches and 4,601 ATMs / SDMs. Emirates NBD is the leading financial services brand in the UAE with a Brand value of USD 3.87 billion.
Emirates NBD Group serves its customers (individuals, businesses, governments, and institutions) and helps them realise their financial objectives through a range of banking products and services including retail banking, corporate and institutional banking, Islamic banking, investment banking, private banking, asset management, global markets and treasury, and brokerage operations. The Group is a key participant in the global digital banking industry with 97% of all financial transactions and requests conducted outside of its branches. The Group also operates Liv, the lifestyle digital bank by Emirates NBD, with close to half a million users, it continues to be the fastest-growing bank in the region.
Emirates NBD contributes to the construction of a sustainable future as an active participant and supporter of the UAE's main development and sustainability initiatives, including financial wellness and the inclusion of people of determination. Emirates NBD is committed to supporting the UAE's Year of Sustainability as Principal Banking Partner of COP28 and an early supporter to the Dubai Can sustainability initiative, a city-wide initiative aimed to reduce use of single-use plastic bottled water.
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