Mastercard (MA) has integrated its blockchain-based Multi-Token Network (MTN) with JPMorgan’s (JPM) newly rebranded digital assets platform, Kinexys (formerly JPM Coin), to improve business-to-business (B2B) cross-border payments. The collaboration aims to deliver greater transparency, faster settlements, and reduced time zone-related delays.
Mastercard launched the MTN in mid-2023 as a platform to explore tokenized bank deposits, stablecoins, and central bank digital currencies (CBDCs). By teaming up with Kinexys Digital Payments, Mastercard seeks to revolutionize tokenized foreign exchange (FX), a rapidly growing segment within blockchain-based real-world asset applications. Tokenized FX enables near-real-time, always-available payment solutions that address cross-border transaction challenges.
Kinexys has committed to launching tokenized U.S. dollar and euro FX payments by the first quarter of 2025, with plans to expand to additional currencies. This initiative aligns with broader industry efforts like the Monetary Authority of Singapore’s Project Guardian, where JPMorgan is a key participant.
The integration allows mutual clients of Mastercard’s MTN and Kinexys to settle B2B transactions through a unified API, streamlining global digital commerce.
“At Kinexys, we believe our solutions can transform the digital commerce ecosystem by seamlessly integrating commercial bank payment rails with digital marketplaces,” said Naveen Mallela, co-head of Kinexys at JPMorgan.
Raj Dhamodharan, Mastercard’s executive vice president of Blockchain and Digital Assets, highlighted the partnership’s potential: “Combining the connectivity of MTN with Kinexys Digital Payments unlocks faster settlement and new use cases, leveraging the strengths of both organizations.”
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