KB Kookmin Bank said on the 26th that it will launch a payment service for import and export firms next month using Kinexys, JPMorgan's blockchain payment infrastructure. It marks the first time a domestic financial company has used Kinexys for a payment service for import and export firms.
KB Kookmin Bank plans to provide fast overseas remittance services to import and export corporate clients through Kinexys. Kinexys supports interbank dollar settlement, overseas remittances, and tokenized asset transactions in near real time, and operates around the clock, 365 days a year. Kinexys has processed more than 4 trillion dollars in cumulative transactions to date, with an average daily transaction volume of 7 billion dollars.
The service will be available at KB Kookmin Bank's domestic branches and its Singapore branch. Remittances can be sent to a total of 10 countries, including South Korea, the United States, Singapore, Saudi Arabia, India, Thailand, Qatar, the United Arab Emirates, Bahrain, and South Africa. KB Kookmin Bank plans to support U.S. dollar (USD) remittances first.
Once the service is introduced, dollar payments to major financial institutions and global companies abroad can be settled more quickly and securely. In particular, settlement times are expected to be significantly reduced in transactions with countries in different time zones and with different business days, such as the United States and the Middle East, allowing domestic companies to secure trade payments quickly.
"This service is meaningful in that it connects global digital payment infrastructure with domestic corporate banking services," a KB Kookmin Bank official said. "We will continue to expand innovative financial services in response to the changing global payment environment."
