Mastercard‘s Multi-Token Network (MTN) has connected to Kinexys, JP Morgan‘s blockchain network, to enhance B2B cross-border payments.
This partnership combines Kinexys Digital Payments, a next-generation payment rail powered by JP Morgan’s blockchain business unit for real-time value transfer using commercial bank money, with Mastercard’s MTN, which offers a platform of API-enabled, blockchain-based tools and standards for innovative business models.
Under this agreement, Mastercard MTN’s connectivity with Kinexys Digital Payments allows mutual customers to settle B2B transactions through a unified API integration.
Raj Dhamodharan, Executive VP of Blockchain and Digital Assets at Mastercard, commented: “For years, both Mastercard and Kinexys by JP Morgan have been committed to innovating for the future of digital assets and commercial infrastructure.
“By bringing together the power and connectivity of Mastercard’s MTN with Kinexys Digital Payments, we are unlocking greater speed and settlement capabilities for the entire value chain. We are excited about this integration and the new use cases it will bring to life, leveraging the strengths and innovations of both organisations.”
Since its inception, Kinexys has processed over $1.5trn in notional value, with daily transaction volume averaging $2bn. JP Morgan also reported a 10x year-over-year growth in payment transactions.
Naveen Mallela, Co-Head of Kinexys by JP Morgan, stated that these solutions can play a “transformative role in the ecosystem”.
Through these solutions, JP Morgan and Mastercard aim to enhance the efficiency of commercial transactions, improving cross-border payment experiences by offering greater transparency, faster settlement and reducing time zone friction.
Mallela said: “At Kinexys, we believe our solutions can play a transformative role in the ecosystem for digital global commerce and digital assets, where the value proposition of commercial transaction venues is enhanced by the availability of commercial bank payment rails that can natively integrate with any digital marketplace or platform.
“We look forward to supporting our clients engaging with the MTN ecosystem and collaborating further with Mastercard in the digital space.”
Earlier this month, the US bank revealed plans to offer instant settlement for foreign exchange conversions between the dollar and the euro. Using its JPM Coin tokenised deposit on the Kinexys platform, the bank will enable customers to convert between the two currencies with immediate settlement.
