Mastercard’s Multi-Token Network (MTN) has partnered with JPMorgan’s Kinexys Digital Payments, formerly known as JPM Coin, to enhance business-to-business (B2B) cross-border payments. This collaboration aims to provide greater transparency, faster settlement, and reduce challenges associated with time zone differences.
By integrating MTN's blockchain-based connectivity with Kinexys Digital Payments, the firms will enable mutual customers to settle transactions via a unified API solution.
Mastercard launched MTN in mid-2023 as a blockchain-powered platform designed to support tokenized bank deposits, stablecoins, and central bank digital currencies (CBDCs). Its integration with Kinexys Digital Payments marks a significant step in transforming global commerce through tokenized foreign exchange (FX) solutions, a growing trend in the financial sector. Tokenized FX offers a near-real-time, always-on mechanism for reducing cross-border friction, aligning with the increasing interest in blockchain-based real-world assets.
The rebranding of JPM Coin to Kinexys included plans to introduce tokenized U.S. dollar and euro FX by early 2025, with ambitions to expand into additional currencies. This initiative complements other global efforts, such as the Monetary Authority of Singapore’s Project Guardian, which explores tokenized payment systems.
Executives from both companies expressed enthusiasm for the partnership, highlighting its potential to enhance settlement speed and efficiency. Raj Dhamodharan of Mastercard emphasized the integration’s ability to unlock new use cases by leveraging the strengths of both organizations. Naveen Mallela of Kinexys underscored the transformative role of commercial bank payment rails in supporting digital global commerce and seamless integration with digital marketplaces.
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