⚡ Mastercard and JPMorgan Take B2B Payments to the Blockchain
posted 21 Nov 2024
With the integration of Multi-Token Network (MTN) and Kinexys (previously Onyx), Mastercard and JPMorgan are advancing blockchain-driven asset management.
A joint press release issued Thursday revealed that the partnership seeks to transform cross-border B2B payments by boosting transparency and accelerating transaction processing times.
Mastercard had already begun testing its MTN platform with multiple banks in mid-2023, aiming to explore tokenized deposits, stablecoins, and central bank digital currencies (CBDCs). Now, the Mastercard token network is integrated with JPMorgan's Kinexys Digital Payments system, previously known as JPM Coin.
Fiat currency tokenization is rapidly gaining traction as a major trend, enabling seamless, instant cross-border payments 24/7.
The Mechanics of Tokenized Transactions. Source: linkedin.com
Starting in Q1 2025, the integration of JPM Coin with Kinexys Digital Payments will support tokenized USD and EUR currency pairs, with a roadmap to include additional currencies in the future. At the same time, JPMorgan is involved in Project Guardian, a Singapore-based initiative led by the Monetary Authority of Singapore to tokenize currency transfers.
A joint statement by the companies highlights that the integration of Mastercard’s MTN and Kinexys Digital Payments will allow clients to process B2B transactions effortlessly through one unified API.
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