FirstRand’s Group treasury department has started using Kinexys Digital Payments to automate the 24/7 movement of US dollars between group legal entities. It is the first South African bank to adopt Kinexys by JP Morgan, the permissioned blockchain solution.
“The group believes that distributed ledger technology is central to the financial market infrastructure of the future,” said Bhulesh Singh, FirstRand Group Treasurer. “Joining Kinexys will help the bank to improve the speed and efficiency with which it can effect US dollar payments.” Intragroup payments is a stepping stone to enabling similar functionality to the group’s customers across Africa. The company’s highest profile brands are First National Bank and Rand Merchant Bank, with a presence in several other African countries including Nigeria, Ghana, Zambia, Namibia, Botswana and Mozambique.
A key feature used by FirstRand is programmability, enabling it to automate the movement of money between JP Morgan Blockchain Deposit Accounts around the world in near real time, based on liquidity requirements.
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