FirstRand Bank First to Advance Blockchain Treasury Management in South Africa With Kinexys by J.P. Morgan

WHY THIS MATTERS: This announcement marks a critical inflection point, moving Distributed Ledger Technology (DLT) out of the proof-of-concept phase and into mission-critical production for a major African financial institution. The core significance lies not just in FirstRand Bank becoming the first in South Africa to pilot J.P. Morgan’s private blockchain for internal transactions, but in defining the true purpose of digital infrastructure: optimizing liquidity outside of legacy operating hours. Traditional treasury modernization has focused on speeding up daily settlement; this leap involves automated, near real-time US dollar payments triggered by pre-set conditions. This capability, known as programmable payments, fundamentally shifts how banks manage capital, turning illiquid intraday funds into instantly available resources. It sets a new benchmark for operational efficiency and resilience across Sub-Saharan Africa, signaling that the future of

FirstRand Bank has set a new benchmark in South Africa for treasury management, becoming the first in the country to leverage Kinexys by J.P. Morgan’s private, permissioned blockchain network, Kinexys Digital Payments, for programmable, 24/7, near real-time payment transactions across its treasury group. 

The FirstRand Bank treasury team set pre-defined conditions through Programmable Payments, that, when met, enabled an automated U.S. dollar transaction between the bank’s treasury group USD-denominated Blockchain Deposit Accounts on Kinexys Digital Payments. This enables FirstRand Bank’s treasury team to make payments across its legal entities outside traditional settlement windows, allowing the bank to optimize liquidity by making near-instant payments based on pre-set conditions. 

Bhulesh Singh, FirstRand Group Treasurer, commented, “The group believes that distributed ledger technology is central to the financial market infrastructure of the future. Joining Kinexys will help the bank to improve the speed and efficiency with which it can effect US dollar payments. This has already been implemented for intragroup payments and, by working with a credible partner like J.P. Morgan, FirstRand can develop improved US dollar payments solutions for the group’s customers across broader Africa.” 

Zack Chestnut, Head of Business Development for Kinexys Digital Payments at Kinexys by J.P. Morgan, said, “We’re proud to help financial institutions like FirstRand Bank unlock the combined benefits of programmable payments and 24/7/365 onchain payments. Our driving focus is on building next-generation financial infrastructure and we are excited to work with our clients to realize the future of finance.”

Kinexys by J.P. Morgan, the firm’s industry-leading blockchain business unit, is part of J.P. Morgan Payments, which has a long-standing, strategic presence within the Middle East and Africa (MEA).  The firm is committed to deepening its relationships with local financial institutions across Sub-Saharan Africa to help clients modernize their treasury payments operations. And as a direct clearer in local payment schemes in South Africa, J.P. Morgan Payments offers a wide range of treasury services solutions to support clients operating in the country including liquidity management, cross-currency solutions and virtual accounts to help clients streamline operations and manage liquidity positions.

May Wafa, Head of Sub-Saharan Africa Financial Institutions Group (FIG) Sales for J.P. Morgan Payments, commented, “We’re proud to continue working closely with FirstRand Bank and financial institutions across Sub-Saharan Africa to support the modernization of their treasury and payments operations and accelerate digital adoption. We’re committed to helping clients leverage future-centric capabilities and Sub-Saharan Africa remains central to J.P. Morgan Payments’ growth agenda.”

FF NEWS TAKE: This absolutely moves the needle, transforming the conversation around DLT from theoretical potential to tangible balance sheet impact. The move to programmable payments for internal treasury functions proves that the greatest immediate value of blockchain is in automating complex financial logic. For the wider industry, the next crucial step to watch is FirstRand’s expansion of this capability to broader Africa and customer-facing solutions, which would showcase a true pan-African template for next-generation onchain payments.