Mastercard collaborates with JPMorgan to bring foreign exchange transactions onto the blockchain

Mastercard and JPMorgan have announced a partnership to bring foreign exchange transactions onto the blockchain platform, specifically Mastercard's Multi-Token Network (MTN) and Kinexys, JPMorgan's new digital payment unit. This collaboration will enhance cross-border B2B payments by increasing transparency and payment speed, while minimizing issues caused by time zone differences. Businesses will be able to execute foreign exchange transactions almost in real-time through a single API, allowing for time and transaction cost savings.

Kinexys, formerly known as Onyx, is expected to release tokenized foreign exchange currencies such as USD and EUR in the first quarter of 2025. This marks a significant advancement in improving payment capabilities on the global FX payment platform, with the goal of addressing challenges in traditional foreign exchange transactions. This integration not only promises to provide a more convenient payment experience for businesses engaged in international trade but also opens up many opportunities for new financial payment solutions in the future.