**Faster and More Transparent Cross-Border Payments on the Horizon**
Imagine being able to send money across borders quickly and with complete transparency. That’s exactly what Mastercard and JP Morgan are working on. They’re teaming up to make cross-border payments faster and more transparent by integrating their technologies.
**How it Works**
Mastercard’s multi-token network (MTN) will be connected to JP Morgan’s Kinexys Digital Payments platform. This will allow for faster settlement and more transparency in cross-border payments. **A Wider Shift towards Tokenization**
Tokenization is the process of replacing sensitive information with unique digital tokens.
Mastercard’s MTN is a blockchain-based network that uses tokenization for bank deposits, stablecoins, and central bank digital currencies (CBDCs). JP Morgan’s Kinexys is a payment platform that allows for tokenizing real-world assets and facilitates digital payments. **What Does This Mean for the Future of Payments?**
This collaboration is part of a larger push towards blockchain-based financial systems that are fast, secure, and compliant.
With Mastercard’s MTN, banks can access real-time interbank settlement 24/7. Other market players can simplify processes like buying carbon credits and unifying financial and compliance standards. **Other Players in the Game**
JP Morgan’s Kinexys has already processed over $1.5 trillion in transactions since its pilot in 2020.
Meanwhile, Chainlink, a leading blockchain oracle provider, has launched a cross-chain interoperability protocol to connect private and public blockchains. **The Future of Cross-Border Payments Looks Bright**
With Mastercard and JP Morgan leading the way, the future of cross-border payments looks fast, secure, and transparent.
Source
<p>The post Revolutionizing Cross-Border Payments with Tokenization first appeared on CoinBuzzFeed.</p>