J.P. Morgan announced on 11/6 that its blockchain platform Onyx has been renamed Kinexys, and it plans to add instant foreign exchange settlement capabilities for US dollars and euros in the future, with potential expansion to other currencies like the British pound.
Kinexys Cross-Border Payment and Instant Settlement
Umar Farooq, head of J.P. Morgan's payments division, stated that the rebranding to Kinexys reflects the platform's core vision of enhancing the efficiency of global fund, asset, and financial information transfers through technology.
Kinexys is derived from 'kinetic', meaning 'caused by motion', expressing J.P. Morgan's goal of breaking through the limitations of traditional financial technology. J.P. Morgan emphasizes that Kinexys will focus on providing more robust cross-border payment and instant settlement solutions to create higher efficiency and liquidity management capabilities for corporate clients.
(J.P. Morgan JPM Coin integrates with Partior for cross-bank transactions, significantly ahead of other U.S. players)
J.P. Morgan will launch instant foreign exchange settlement in the first quarter of 2025
Initially, Onyx served as a testing platform to demonstrate the commercial potential of blockchain technology, utilizing the JPM Coin payment system to simplify cross-border payments and reduce settlement times for financial transactions, digitizing dollar transactions.
Now, the Kinexys platform will launch instant foreign exchange settlement services, assisting in processing foreign exchange settlements between US dollars and euros through Kinexys Digital Payments (formerly JPM Coin). This functionality is expected to go live in the first quarter of 2025, shortening settlement times from traditional hours or even days to near-instant processing speeds. As Kinexys further expands to other currencies like the British pound in the future, J.P. Morgan indicates it will provide clients with around-the-clock automated services.
This functionality will greatly enhance the flexibility of corporate funds. Specifically, in the past, companies or financial institutions needed to set aside large amounts of capital in advance to cope with foreign exchange settlement delays; however, with the launch of Kinexys, corporate clients can flexibly mobilize funds according to actual needs without reserving large amounts of capital, thus eliminating the need to invest capital in advance to ensure availability, enhancing the flexibility of corporate fund usage and reducing capital occupation costs.
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Kinexys has cumulatively transacted $1.5 trillion
The application of blockchain and tokenization technology is becoming increasingly popular in global financial services, and J.P. Morgan's deep involvement in this area demonstrates its responsiveness to market demand. Kinexys points out that the platform processes over $2 billion in transactions daily and has reached a cumulative total of $1.5 trillion since its inception. Umar Farooq stated: 'Our business is built on a history of innovation, just like the industry we serve; we are constantly evolving. We are excited about this new chapter and look forward to continuously shaping the future of financial services with our clients.'
This article marks a new chapter in J.P. Morgan's global payments! Onyx is renamed Kinexys: Expanding Instant Foreign Exchange Settlement Functionality first appeared in Chain News ABMedia.